Victory Capital Management Inc. Sells 4,772 Shares of Tennant (NYSE:TNC)

Victory Capital Management Inc. reduced its position in Tennant (NYSE:TNC) by 21.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 17,518 shares of the industrial products company’s stock after selling 4,772 shares during the period. Victory Capital Management Inc.’s holdings in Tennant were worth $1,682,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of 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. CANADA LIFE ASSURANCE Co raised its holdings in Tennant by 21.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 21,076 shares of the industrial products company’s stock valued at $2,561,000 after acquiring an additional 3,776 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Tennant by 1.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock worth $1,698,000 after acquiring an additional 186 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Tennant by 10.0% in the first quarter. Tidal Investments LLC now owns 2,379 shares of the industrial products company’s stock worth $289,000 after acquiring an additional 216 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Tennant in the first quarter valued at $86,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Performance

NYSE TNC opened at $91.24 on Tuesday. The company’s 50 day simple moving average is $91.17 and its two-hundred day simple moving average is $96.47. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. Tennant has a 1 year low of $82.54 and a 1 year high of $124.11. The stock has a market capitalization of $1.72 billion, a PE ratio of 15.82 and a beta of 1.00.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The business had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.34 EPS. Analysts predict that Tennant will post 6.43 earnings per share for the current fiscal year.

Tennant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.295 dividend. This is an increase from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Friday, November 29th. Tennant’s dividend payout ratio (DPR) is currently 19.75%.

Analyst Ratings Changes

Separately, StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st.

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.