Algert Global LLC Sells 841 Shares of Tennant (NYSE:TNC)

Algert Global LLC reduced its position in Tennant (NYSE:TNC) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,306 shares of the industrial products company’s stock after selling 841 shares during the quarter. Algert Global LLC owned 0.20% of Tennant worth $3,672,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Tennant in the fourth quarter valued at about $12,193,000. Inspire Investing LLC raised its holdings 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 purchasing an additional 6,021 shares in the last quarter. Allianz Asset Management GmbH bought a new position in Tennant in the fourth quarter worth about $4,930,000. Nebula Research & Development LLC bought a new position in Tennant in the fourth quarter worth about $821,000. Finally, Vanguard Group Inc. raised its holdings in Tennant by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after purchasing an additional 40,711 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Tennant Stock Performance

Shares of Tennant stock opened at $96.02 on Tuesday. The company has a market capitalization of $1.81 billion, a PE ratio of 15.95 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The company has a 50-day simple moving average of $96.50 and a two-hundred day simple moving average of $103.95. Tennant has a one year low of $72.81 and a one year high of $124.11.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.72 by $0.11. The firm had revenue of $331.00 million during 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 revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $1.86 EPS. Research analysts expect that Tennant will post 6.48 EPS for the current fiscal year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Friday, August 30th. Tennant’s payout ratio is currently 18.60%.

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.