The Manufacturers Life Insurance Company Has $985,000 Stock Position in Tennant (NYSE:TNC)

The Manufacturers Life Insurance Company cut its holdings in shares of Tennant (NYSE:TNC) by 1.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 10,259 shares of the industrial products company’s stock after selling 192 shares during the period. The Manufacturers Life Insurance Company’s holdings in Tennant were worth $985,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TNC. CWM LLC boosted its holdings in Tennant by 290.9% during the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 288 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Tennant in the 2nd quarter valued at about $58,000. Point72 DIFC Ltd bought a new position in shares of Tennant during the 2nd quarter worth approximately $71,000. nVerses Capital LLC purchased a new position in shares of Tennant in the 3rd quarter worth approximately $77,000. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Tennant by 37.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 263 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tennant Stock Performance

Shares of TNC stock opened at $84.01 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 14.82 and a beta of 1.00. Tennant has a 52 week low of $82.54 and a 52 week high of $124.11. The firm’s 50-day simple moving average is $89.26 and its two-hundred day simple moving average is $94.89.

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

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 annualized dividend and a yield of 1.40%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is 20.81%.

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.