Daiwa Securities Group Inc. Sells 1,354 Shares of Tennant (NYSE:TNC)

Daiwa Securities Group Inc. lowered its stake in Tennant (NYSE:TNC) by 22.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,699 shares of the industrial products company’s stock after selling 1,354 shares during the period. Daiwa Securities Group Inc.’s holdings in Tennant were worth $451,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TNC. Price T Rowe Associates Inc. MD boosted its stake in shares of Tennant by 1.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock valued at $1,698,000 after purchasing an additional 186 shares in the last quarter. Tidal Investments LLC raised its position in shares of Tennant by 10.0% in the 1st 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 in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Tennant in the 1st quarter valued at approximately $86,000. CWM LLC boosted its position in shares of Tennant by 290.9% during the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 288 shares in the last quarter. Finally, Annex Advisory Services LLC raised its holdings in Tennant by 12.4% in the second quarter. Annex Advisory Services LLC now owns 6,140 shares of the industrial products company’s stock worth $604,000 after purchasing an additional 675 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Tennant Price Performance

Shares of TNC opened at $88.37 on Friday. The firm’s 50-day simple moving average is $90.73 and its two-hundred day simple moving average is $95.95. Tennant has a fifty-two week low of $82.54 and a fifty-two week high of $124.11. The stock has a market cap of $1.67 billion, a PE ratio of 15.59 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17.

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

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.295 per share. This is a positive change from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Friday, November 29th. Tennant’s dividend payout ratio (DPR) is currently 19.75%.

Tennant 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.