Rhumbline Advisers trimmed its holdings in shares of Tennant Company (NYSE:TNC) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,894 shares of the industrial products company’s stock after selling 202 shares during the period. Rhumbline Advisers owned about 0.21% of Tennant worth $2,723,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in shares of Tennant during the 1st quarter worth approximately $103,000. State of Alaska Department of Revenue raised its stake in shares of Tennant by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 1,950 shares of the industrial products company’s stock worth $141,000 after buying an additional 50 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Tennant during the 1st quarter worth approximately $157,000. Mason Street Advisors LLC raised its stake in shares of Tennant by 7.4% during the 1st quarter. Mason Street Advisors LLC now owns 4,138 shares of the industrial products company’s stock worth $301,000 after buying an additional 285 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of Tennant during the 2nd quarter worth approximately $369,000. 89.42% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on TNC shares. BidaskClub downgraded Tennant from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a research note on Wednesday, August 9th. Finally, Zacks Investment Research downgraded Tennant from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $65.00.
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Tennant Company (NYSE TNC) opened at 60.45 on Monday. The company has a 50-day moving average price of $65.44 and a 200 day moving average price of $70.77. Tennant Company has a 1-year low of $60.05 and a 1-year high of $76.80. The stock has a market capitalization of $1.08 billion, a P/E ratio of 53.12 and a beta of 1.11.
Tennant (NYSE:TNC) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.19. Tennant had a negative return on equity of 3.71% and a negative net margin of 0.98%. The business had revenue of $270.79 million for the quarter, compared to analyst estimates of $268.32 million. During the same quarter in the prior year, the firm posted $0.85 earnings per share. The business’s quarterly revenue was up 24.9% on a year-over-year basis. On average, equities analysts predict that Tennant Company will post $2.28 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.84 annualized dividend and a yield of 1.39%. Tennant’s payout ratio is 75.00%.
Tennant Company Profile
Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.
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