Point72 Asia Singapore Pte. Ltd. Lowers Stake in Tennant (NYSE:TNC)

Point72 Asia Singapore Pte. Ltd. decreased its position in shares of Tennant (NYSE:TNC) by 84.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 286 shares of the industrial products company’s stock after selling 1,575 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Tennant were worth $28,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TNC. Point72 DIFC Ltd purchased a new position in shares of Tennant during the 2nd quarter worth about $71,000. Public Sector Pension Investment Board raised its stake in Tennant by 9.3% during the second quarter. Public Sector Pension Investment Board now owns 41,831 shares of the industrial products company’s stock worth $4,118,000 after purchasing an additional 3,542 shares during the period. Sei Investments Co. raised its stake in Tennant by 6.0% during the second quarter. Sei Investments Co. now owns 43,602 shares of the industrial products company’s stock worth $4,292,000 after purchasing an additional 2,478 shares during the period. Renaissance Technologies LLC raised its stake in Tennant by 1,900.0% during the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after purchasing an additional 34,200 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Tennant by 37.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company’s stock valued at $95,000 after buying an additional 263 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Stock Down 2.3 %

TNC opened at $93.82 on Wednesday. Tennant has a 1 year low of $72.81 and a 1 year high of $124.11. The firm has a 50 day moving average price of $96.29 and a 200 day moving average price of $103.84. 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 market cap of $1.77 billion, a PE ratio of 15.58 and a beta of 1.00.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.11. The company 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%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.86 earnings per share. Sell-side analysts expect that Tennant will post 6.48 earnings per share for the current year.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Friday, August 30th. Tennant’s dividend payout ratio is presently 18.60%.

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.

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.