DekaBank Deutsche Girozentrale Boosts Holdings in Tennant (NYSE:TNC)

DekaBank Deutsche Girozentrale lifted its position in Tennant (NYSE:TNC) by 37.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 972 shares of the industrial products company’s stock after acquiring an additional 263 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Tennant were worth $95,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BOKF NA bought a new stake in Tennant in the second quarter worth about $793,000. Cornercap Investment Counsel Inc. bought a new stake in shares of Tennant during the 2nd quarter worth approximately $1,055,000. American Century Companies Inc. boosted its holdings in Tennant by 79.8% during the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after acquiring an additional 67,080 shares during the period. Daiwa Securities Group Inc. grew its position in Tennant by 25.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 6,053 shares of the industrial products company’s stock valued at $596,000 after acquiring an additional 1,235 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in Tennant by 0.5% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock worth $4,848,000 after purchasing an additional 239 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Tennant Stock Performance

TNC stock opened at $92.08 on Friday. 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 price of $97.66 and a 200 day moving average price of $104.55. The company has a market capitalization of $1.75 billion, a P/E ratio of 15.30 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.72 by $0.11. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The business had revenue of $331.00 million during the quarter, compared to analyst estimates of $327.00 million. During the same quarter in the previous year, the business posted $1.86 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts forecast that Tennant will post 6.48 EPS for the current fiscal year.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.22%. Tennant’s dividend payout ratio (DPR) is presently 18.60%.

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.