Barclays PLC Acquires 27,712 Shares of Tennant (NYSE:TNC)

Barclays PLC grew its holdings in Tennant (NYSE:TNC) by 222.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 40,151 shares of the industrial products company’s stock after purchasing an additional 27,712 shares during the quarter. Barclays PLC’s holdings in Tennant were worth $3,857,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TNC. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 241 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tennant in the second quarter worth about $58,000. Point72 DIFC Ltd bought a new stake in shares of Tennant during the 2nd quarter worth about $71,000. nVerses Capital LLC acquired a new position in shares of Tennant during the 3rd quarter valued at about $77,000. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Tennant by 37.1% in the 2nd 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.

Analysts Set New Price Targets

A number of brokerages have issued reports on TNC. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st. Northcoast Research assumed coverage on shares of Tennant in a report on Thursday. They set a “buy” rating and a $125.00 price objective for the company.

Tennant Price Performance

NYSE TNC opened at $80.29 on Monday. The stock has a 50-day simple moving average of $88.06 and a 200 day simple moving average of $94.01. Tennant has a twelve month low of $79.71 and a twelve month high of $124.11. The stock has a market capitalization of $1.52 billion, a PE ratio of 14.16 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 issued 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). The business had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. Research analysts anticipate that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $0.295 per share. This is an increase from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.47%. Tennant’s payout ratio is presently 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.