Tennant (NYSE:TNC) Position Increased by Franklin Resources Inc.

Franklin Resources Inc. raised its position in Tennant (NYSE:TNC) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,908 shares of the industrial products company’s stock after purchasing an additional 169 shares during the quarter. Franklin Resources Inc. owned approximately 0.07% of Tennant worth $1,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. lifted 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 purchasing an additional 241 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Tennant during the second quarter valued at about $58,000. Point72 DIFC Ltd acquired a new stake in shares of Tennant in the second quarter worth about $71,000. nVerses Capital LLC bought a new stake in shares of Tennant during the 3rd quarter worth about $77,000. Finally, TD Private Client Wealth LLC increased its holdings in shares of Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

NYSE TNC opened at $80.78 on Friday. The company’s fifty day moving average is $86.75 and its two-hundred day moving average is $93.40. Tennant has a 52-week low of $79.25 and a 52-week high of $124.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 14.25 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 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The firm had revenue of $315.80 million during the quarter, compared to analyst estimates of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 earnings per share. Equities research analysts forecast that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, November 29th. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s payout ratio is currently 20.81%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research started coverage on shares of Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price on the stock.

Tennant Company 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.