US Bancorp DE lowered its position in shares of Tennant Co. (NYSE:TNC) by 0.0% during the third quarter, Holdings Channel reports. The institutional investor owned 237,915 shares of the company’s stock after selling 26 shares during the period. US Bancorp DE’s holdings in Tennant were worth $15,417,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in Tennant by 1,114.5% in the second quarter. Barclays PLC now owns 2,004 shares of the company’s stock worth $108,000 after buying an additional 1,839 shares in the last quarter. PineBridge Investments L.P. boosted its stake in Tennant by 6.9% in the second quarter. PineBridge Investments L.P. now owns 2,241 shares of the company’s stock worth $121,000 after buying an additional 144 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Tennant by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,381 shares of the company’s stock worth $128,000 after buying an additional 285 shares in the last quarter. Mason Street Advisors LLC purchased a new stake in Tennant during the second quarter worth about $186,000. Finally, AQR Capital Management LLC purchased a new stake in Tennant during the second quarter worth about $203,000. Institutional investors and hedge funds own 86.87% of the company’s stock.
Shares of Tennant Co. (NYSE:TNC) traded down 0.72% during mid-day trading on Monday, reaching $75.70. The company had a trading volume of 20,767 shares. The firm’s 50 day moving average is $66.26 and its 200-day moving average is $60.87. The stock has a market capitalization of $1.33 billion, a P/E ratio of 30.54 and a beta of 0.92. Tennant Co. has a 12-month low of $45.92 and a 12-month high of $76.50.
Tennant (NYSE:TNC) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.02. Tennant had a return on equity of 17.78% and a net margin of 5.54%. The company earned $200.10 million during the quarter, compared to analysts’ expectations of $203.15 million. During the same period last year, the firm posted $0.68 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. On average, analysts expect that Tennant Co. will post $2.50 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Tennant’s previous quarterly dividend of $0.20. Tennant’s dividend payout ratio (DPR) is 32.39%.
Separately, Zacks Investment Research cut Tennant from a “hold” rating to a “sell” rating in a research report on Friday, October 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $33.61.
Tennant Company Profile
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.