Geode Capital Management LLC Has $41.97 Million Stake in Tennant (NYSE:TNC)

Geode Capital Management LLC raised its stake in Tennant (NYSE:TNC) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 436,933 shares of the industrial products company’s stock after buying an additional 5,862 shares during the quarter. Geode Capital Management LLC owned 2.32% of Tennant worth $41,971,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tennant during the 2nd quarter worth $58,000. Point72 DIFC Ltd acquired a new position in shares of Tennant during the 2nd quarter worth $71,000. nVerses Capital LLC acquired a new stake in shares of Tennant in the 3rd quarter valued at $77,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Tennant by 37.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 263 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

TNC has been the subject of several recent analyst reports. Northcoast Research assumed coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st.

Tennant Stock Performance

TNC opened at $80.64 on Wednesday. The stock’s 50 day simple moving average is $87.79 and its 200-day simple moving average is $93.87. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.52 billion, a PE ratio of 14.22 and a beta of 1.00. Tennant has a 1 year low of $79.25 and a 1 year high of $124.11.

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 the consensus estimate of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. During the same quarter last year, the firm posted $1.34 earnings per share. Tennant’s revenue was up 3.6% on a year-over-year basis. Sell-side analysts forecast that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.295 per share. This is a positive change from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, November 29th. Tennant’s dividend payout ratio is currently 20.81%.

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.