Tennant (NYSE:TNC) Stock Position Lessened by Quadrature Capital Ltd

Quadrature Capital Ltd reduced its stake in shares of Tennant (NYSE:TNC) by 66.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,549 shares of the industrial products company’s stock after selling 5,044 shares during the quarter. Quadrature Capital Ltd’s holdings in Tennant were worth $245,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Assenagon Asset Management S.A. raised its stake in shares of Tennant by 577.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after buying an additional 109,298 shares in the last quarter. American Century Companies Inc. raised its position in Tennant by 79.8% in the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock worth $14,879,000 after acquiring an additional 67,080 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in Tennant in the 3rd quarter valued at about $3,873,000. Renaissance Technologies LLC lifted its holdings in Tennant by 1,900.0% in the 2nd quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock valued at $3,544,000 after acquiring an additional 34,200 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Tennant by 20.3% during the 2nd 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. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Stock Performance

TNC opened at $85.73 on Wednesday. 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 firm has a market cap of $1.62 billion, a PE ratio of 15.12 and a beta of 1.00. The business has a fifty day simple moving average of $89.57 and a 200-day simple moving average of $95.04. Tennant has a fifty-two week low of $82.54 and a fifty-two week high of $124.11.

Tennant (NYSE:TNC) last released its quarterly 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). The company 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 company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 EPS. As a group, equities analysts predict that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.38%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s payout ratio is currently 20.81%.

Wall Street Analysts Forecast Growth

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

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.