Ashton Thomas Private Wealth LLC Makes New Investment in Tennant (NYSE:TNC)

Ashton Thomas Private Wealth LLC acquired a new stake in Tennant (NYSE:TNC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 590 shares of the industrial products company’s stock, valued at approximately $58,000.

Several other large investors have also made changes to their positions in TNC. Vanguard Group Inc. lifted its position in Tennant by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock valued at $278,636,000 after purchasing an additional 40,711 shares during the period. Dimensional Fund Advisors LP grew its position in Tennant by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock worth $56,729,000 after purchasing an additional 14,008 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Tennant by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 231,059 shares of the industrial products company’s stock valued at $21,417,000 after buying an additional 4,102 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Tennant by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after buying an additional 4,128 shares during the period. Finally, Norges Bank purchased a new stake in shares of Tennant in the fourth quarter worth about $12,193,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Tennant from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 5th.

Tennant Stock Up 1.3 %

TNC opened at $92.48 on Monday. The company has a fifty day moving average of $98.26 and a two-hundred day moving average of $105.12. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. Tennant has a fifty-two week low of $72.81 and a fifty-two week high of $124.11. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 15.36 and a beta of 1.00.

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

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, August 30th. Tennant’s dividend payout ratio is presently 18.60%.

Tennant Company Profile

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.