Victory Capital Management Inc. Has $1.68 Million Stake in Tennant (NYSE:TNC)

Victory Capital Management Inc. reduced its stake in shares of Tennant (NYSE:TNC) by 21.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 17,518 shares of the industrial products company’s stock after selling 4,772 shares during the period. Victory Capital Management Inc. owned about 0.09% of Tennant worth $1,682,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings 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 worth $278,636,000 after buying an additional 40,711 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Tennant by 129.3% in the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock worth $1,309,000 after acquiring an additional 7,500 shares in the last quarter. Cornercap Investment Counsel Inc. purchased a new stake in shares of Tennant in the second quarter valued at about $1,055,000. Renaissance Technologies LLC lifted its position in shares of Tennant by 1,900.0% during the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock valued at $3,544,000 after purchasing an additional 34,200 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position 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 valued at $12,377,000 after purchasing an additional 21,210 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Performance

Shares of Tennant stock opened at $91.24 on Tuesday. The business’s fifty day simple moving average is $91.17 and its 200 day simple moving average is $96.47. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 12 month low of $82.54 and a 12 month high of $124.11. The firm has a market capitalization of $1.72 billion, a P/E ratio of 15.82 and a beta of 1.00.

Tennant (NYSE:TNC) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The business had revenue of $315.80 million for the quarter, compared to the consensus estimate of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.34 earnings per share. As a group, analysts anticipate that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.29%. This is a boost from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, November 29th. Tennant’s payout ratio is presently 19.75%.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

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.