Point72 Asset Management L.P. Takes $345,000 Position in Tennant (NYSE:TNC)

Point72 Asset Management L.P. acquired a new stake in shares of Tennant (NYSE:TNC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,500 shares of the industrial products company’s stock, valued at approximately $345,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Inspire Investing LLC grew its position in Tennant by 141.5% during the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock valued at $1,250,000 after purchasing an additional 6,021 shares in the last quarter. Nebula Research & Development LLC purchased a new position in Tennant during the fourth quarter valued at approximately $821,000. Vanguard Group Inc. grew 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 in the last quarter. Victory Capital Management Inc. grew its position in Tennant by 98.0% during the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock valued at $2,194,000 after purchasing an additional 11,034 shares in the last quarter. Finally, TD Asset Management Inc grew its position in Tennant by 129.3% during the second quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock valued at $1,309,000 after purchasing an additional 7,500 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Performance

TNC stock opened at $91.99 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.17 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 15.28 and a beta of 1.00. Tennant has a 12 month low of $72.81 and a 12 month high of $124.11. The firm has a 50 day moving average of $95.06 and a two-hundred day moving average of $103.31.

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

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Friday, August 30th. Tennant’s dividend payout ratio is currently 18.60%.

Analyst Ratings Changes

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

Tennant 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.