Tennant (NYSE:TNC) Shares Bought by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. increased its stake in Tennant (NYSE:TNC) by 25.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,053 shares of the industrial products company’s stock after acquiring an additional 1,235 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Tennant were worth $596,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dorsey & Whitney Trust CO LLC grew its position in Tennant by 0.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock valued at $4,848,000 after purchasing an additional 239 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Tennant during the 2nd quarter valued at $58,000. Quest Partners LLC increased its stake in shares of Tennant by 1,642.6% in the second quarter. Quest Partners LLC now owns 12,913 shares of the industrial products company’s stock worth $1,271,000 after acquiring an additional 12,172 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Tennant by 20.3% during the second quarter. Acadian Asset Management LLC now owns 125,782 shares of the industrial products company’s stock worth $12,377,000 after acquiring an additional 21,210 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in Tennant by 3.6% during the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after purchasing an additional 176 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Stock Up 0.5 %

TNC opened at $92.93 on Tuesday. Tennant has a 1-year low of $72.81 and a 1-year high of $124.11. The business has a 50 day moving average of $98.14 and a 200-day moving average of $104.97. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 15.44 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33.

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, beating the consensus estimate of $1.72 by $0.11. The firm had revenue of $331.00 million for the quarter, compared to analyst estimates of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.86 earnings per share. As a group, sell-side analysts anticipate that Tennant will post 6.48 earnings per share for the current year.

Tennant Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.