Tennant Co. (TNC) Position Reduced by Los Angeles Capital Management & Equity Research Inc.
Los Angeles Capital Management & Equity Research Inc. reduced its position in shares of Tennant Co. (NYSE:TNC) by 4.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,116 shares of the company’s stock after selling 525 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned about 0.06% of Tennant worth $599,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in TNC. Zebra Capital Management LLC bought a new position in shares of Tennant during the first quarter worth about $245,000. Rothschild Asset Management Inc. acquired a new position in shares of Tennant during the second quarter valued at $256,000. Capstone Asset Management Co. raised its position in shares of Tennant by 5.5% in the second quarter. Capstone Asset Management Co. now owns 5,773 shares of the company’s stock valued at $311,000 after buying an additional 300 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Tennant by 101.6% in the second quarter. BNP Paribas Arbitrage SA now owns 6,029 shares of the company’s stock valued at $325,000 after buying an additional 3,039 shares in the last quarter. Finally, First Trust Advisors LP acquired a new position in shares of Tennant during the second quarter valued at $351,000. Hedge funds and other institutional investors own 86.34% of the company’s stock.
Shares of Tennant Co. (NYSE:TNC) traded up 1.47% during midday trading on Thursday, hitting $66.29. 19,908 shares of the stock traded hands. The stock has a market capitalization of $1.17 billion, a P/E ratio of 37.41 and a beta of 1.07. The firm has a 50-day moving average price of $63.77 and a 200-day moving average price of $56.37. Tennant Co. has a 52 week low of $45.92 and a 52 week high of $66.54.
Tennant (NYSE:TNC) last posted its earnings results on Tuesday, July 26th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.72 by $0.13. Tennant had a net margin of 3.97% and a return on equity of 18.52%. The business had revenue of $216.80 million for the quarter, compared to the consensus estimate of $210.61 million. During the same period last year, the company earned $0.79 EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, equities analysts predict that Tennant Co. will post $2.50 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a dividend of $0.20 per share. The ex-dividend date was Monday, August 29th. This represents a $0.80 annualized dividend and a yield of 1.22%. Tennant’s dividend payout ratio is presently 44.94%.
Several equities analysts recently weighed in on TNC shares. Zacks Investment Research upgraded shares of Tennant from a “sell” rating to a “hold” rating in a report on Saturday, June 18th. Jefferies Group increased their price objective on shares of Tennant from $54.00 to $56.00 and gave the company a “hold” rating in a report on Friday, July 29th. National Bank Financial lowered shares of Tennant from an “outperform” rating to a “sector perform” rating in a report on Thursday, July 7th. Finally, TheStreet upgraded shares of Tennant from a “hold” rating to a “buy” rating in a report on Tuesday, July 26th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $33.95.
In other news, CFO Thomas Paulson sold 15,304 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total value of $948,848.00. Following the transaction, the chief financial officer now owns 43,313 shares in the company, valued at approximately $2,685,406. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Heidi M. Wilson sold 12,158 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total transaction of $774,221.44. Following the completion of the transaction, the senior vice president now owns 24,541 shares in the company, valued at approximately $1,562,770.88. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
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.
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