Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Tennant (NYSE:TNC)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Tennant (NYSE:TNC) by 9.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,963 shares of the industrial products company’s stock after purchasing an additional 353 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tennant were worth $390,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC lifted its stake in shares of Tennant by 1,272.2% in the 1st quarter. Global Retirement Partners LLC now owns 247 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 229 shares during the period. YHB Investment Advisors Inc. purchased a new stake in shares of Tennant during the 1st quarter worth about $36,000. CWM LLC grew its position in shares of Tennant by 290.9% during the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 288 shares during the period. Quest Partners LLC purchased a new position in shares of Tennant in the 4th quarter valued at about $64,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Tennant in the 1st quarter worth about $86,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Trading Down 1.0 %

Shares of Tennant stock opened at $91.48 on Friday. Tennant has a twelve month low of $72.81 and a twelve month high of $124.11. The firm’s 50-day moving average price is $98.96 and its 200 day moving average price is $105.70. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.73 billion, a PE ratio of 15.20 and a beta of 1.00.

Tennant (NYSE:TNC) last released its earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.11. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The business had revenue of $331.00 million for the quarter, compared to the consensus estimate of $327.00 million. During the same quarter last year, the business posted $1.86 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that Tennant will post 6.48 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, August 30th. Tennant’s payout ratio is 18.60%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a report on Thursday.

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.