Prentiss Smith & Co. Inc. Raises Stake in Tennant Company (NYSE:TNC)

Prentiss Smith & Co. Inc. grew its stake in shares of Tennant Company (NYSE:TNC) by 0.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,781 shares of the industrial products company’s stock after purchasing an additional 218 shares during the period. Tennant makes up about 2.1% of Prentiss Smith & Co. Inc.’s holdings, making the stock its 21st largest position. Prentiss Smith & Co. Inc. owned about 0.21% of Tennant worth $3,173,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in TNC. Amundi raised its stake in Tennant by 190.4% in the 4th quarter. Amundi now owns 9,666 shares of the industrial products company’s stock valued at $773,000 after purchasing an additional 6,338 shares during the last quarter. Vanguard Group Inc. raised its stake in Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after purchasing an additional 12,422 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Tennant in the 4th quarter valued at about $726,000. Principal Financial Group Inc. raised its stake in Tennant by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company’s stock valued at $8,261,000 after purchasing an additional 3,518 shares during the last quarter. Finally, Quantbot Technologies LP raised its stake in Tennant by 101.0% in the 4th quarter. Quantbot Technologies LP now owns 11,013 shares of the industrial products company’s stock valued at $898,000 after purchasing an additional 5,534 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Trading Up 0.4%

NYSE TNC opened at $74.96 on Wednesday. Tennant Company has a 12 month low of $67.32 and a 12 month high of $110.45. The company has a 50-day moving average of $73.18 and a 200-day moving average of $79.87. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.14 and a quick ratio of 1.40. The company has a market cap of $1.40 billion, a P/E ratio of 20.94 and a beta of 1.05.

Tennant (NYSE:TNC) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.26). Tennant had a net margin of 5.40% and a return on equity of 17.76%. The business had revenue of $290.00 million during the quarter, compared to analyst estimates of $296.63 million. During the same period in the previous year, the company earned $1.49 earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, equities analysts predict that Tennant Company will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Friday, May 30th. Tennant’s dividend payout ratio is currently 32.96%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

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.