Dimensional Fund Advisors LP Decreases Stake in Tennant (NYSE:TNC)

Dimensional Fund Advisors LP reduced its position in Tennant (NYSE:TNC) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 590,656 shares of the industrial products company’s stock after selling 7,281 shares during the period. Dimensional Fund Advisors LP’s holdings in Tennant were worth $58,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TNC. Vanguard Group Inc. raised its stake in shares of Tennant by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock valued at $278,636,000 after purchasing an additional 40,711 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Tennant by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after purchasing an additional 4,128 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares in the last quarter. Norges Bank acquired a new stake in shares of Tennant in the 4th quarter valued at about $12,193,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Tennant by 577.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock valued at $12,623,000 after purchasing an additional 109,298 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Price Performance

TNC opened at $96.58 on Friday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 16.04 and a beta of 1.00. Tennant has a fifty-two week low of $72.81 and a fifty-two week high of $124.11. The company’s 50-day moving average price is $96.50 and its 200 day moving average price is $104.07. The company has a quick ratio of 1.46, a current ratio of 2.17 and a debt-to-equity ratio of 0.33.

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

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.16%. Tennant’s dividend payout ratio (DPR) is 18.60%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Tennant from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 5th.

About Tennant

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.