Rhumbline Advisers Buys 1,232 Shares of Tennant (NYSE:TNC)

Rhumbline Advisers grew its stake in Tennant (NYSE:TNC) by 2.2% during the second quarter, Holdings Channel reports. The firm owned 57,476 shares of the industrial products company’s stock after purchasing an additional 1,232 shares during the period. Rhumbline Advisers’ holdings in Tennant were worth $5,658,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TNC. Trexquant Investment LP increased its position in shares of Tennant by 53.1% during the fourth quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock valued at $3,488,000 after acquiring an additional 13,060 shares during the last quarter. Norges Bank purchased a new stake in Tennant in the fourth quarter worth $12,193,000. Inspire Investing LLC increased its position in Tennant by 141.5% in the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock worth $1,250,000 after buying an additional 6,021 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in Tennant in the fourth quarter worth $4,930,000. Finally, Nebula Research & Development LLC purchased a new stake in Tennant in the fourth quarter worth $821,000. Institutional investors own 93.33% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 5th.

Tennant Price Performance

Tennant stock opened at $92.48 on Friday. Tennant has a one year low of $72.81 and a one year high of $124.11. The business has a fifty day moving average price of $98.26 and a 200-day moving average price of $105.17. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46. The firm has a market capitalization of $1.75 billion, a P/E ratio of 15.36 and a beta of 1.00.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.11. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The firm had revenue of $331.00 million during the quarter, compared to analyst estimates of $327.00 million. During the same period last year, the company earned $1.86 earnings per share. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities research analysts forecast that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, August 30th. Tennant’s payout ratio is currently 18.60%.

Tennant Company Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.