The Manufacturers Life Insurance Company Sells 192 Shares of Tennant (NYSE:TNC)

The Manufacturers Life Insurance Company lowered its stake in Tennant (NYSE:TNC) by 1.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,259 shares of the industrial products company’s stock after selling 192 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Tennant worth $985,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. CWM LLC lifted its stake in Tennant by 290.9% in the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 288 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Tennant in the 2nd quarter valued at about $58,000. Point72 DIFC Ltd acquired a new stake in Tennant in the 2nd quarter valued at about $71,000. nVerses Capital LLC acquired a new position in Tennant during the third quarter worth approximately $77,000. Finally, DekaBank Deutsche Girozentrale raised its stake in Tennant by 37.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company’s stock valued at $95,000 after buying an additional 263 shares during the period. Institutional investors own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

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

Tennant Stock Performance

NYSE:TNC opened at $84.01 on Friday. Tennant has a twelve month low of $82.54 and a twelve month high of $124.11. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. The stock’s 50-day simple moving average is $89.26 and its 200 day simple moving average is $94.89. The firm has a market capitalization of $1.59 billion, a PE ratio of 14.82 and a beta of 1.00.

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

Tennant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.40%. This is an increase from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, November 29th. Tennant’s dividend payout ratio is presently 20.81%.

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.