Penn Capital Management Co. Inc. raised its stake in shares of Tennant (NYSE:TNC) by 34.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,936 shares of the industrial products company’s stock after acquiring an additional 17,776 shares during the quarter. Penn Capital Management Co. Inc. owned approximately 0.39% of Tennant worth $4,342,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Tennant by 0.9% in the 4th quarter. BlackRock Inc. now owns 2,597,734 shares of the industrial products company’s stock worth $135,369,000 after buying an additional 24,145 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Tennant by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,874,622 shares of the industrial products company’s stock worth $142,377,000 after buying an additional 43,564 shares during the last quarter. Mairs & Power INC lifted its position in shares of Tennant by 7.1% in the 4th quarter. Mairs & Power INC now owns 1,271,938 shares of the industrial products company’s stock worth $66,281,000 after buying an additional 84,301 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Tennant by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 653,327 shares of the industrial products company’s stock worth $34,045,000 after buying an additional 33,015 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Tennant by 2.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 593,606 shares of the industrial products company’s stock worth $45,085,000 after buying an additional 16,411 shares during the last quarter. Hedge funds and other institutional investors own 85.48% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Tennant from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Saturday, February 2nd.
In related news, Director Steven Alan Sonnenberg sold 2,256 shares of Tennant stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $65.31, for a total value of $147,339.36. Following the sale, the director now directly owns 18,827 shares in the company, valued at approximately $1,229,591.37. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 5.60% of the company’s stock.
Shares of NYSE:TNC opened at $64.49 on Thursday. The stock has a market capitalization of $1.15 billion, a P/E ratio of 29.58, a PEG ratio of 2.59 and a beta of 1.15. Tennant has a fifty-two week low of $48.97 and a fifty-two week high of $86.03. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.10 and a current ratio of 1.69.
Tennant (NYSE:TNC) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.09. The firm had revenue of $262.50 million for the quarter, compared to the consensus estimate of $278.30 million. Tennant had a net margin of 3.19% and a return on equity of 14.20%. Tennant’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.27 EPS. On average, research analysts expect that Tennant will post 2.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.88 annualized dividend and a yield of 1.36%. Tennant’s dividend payout ratio is presently 40.37%.
Tennant Company Profile
Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
Recommended Story: How is net asset value different from market price?
Receive News & Ratings for Tennant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tennant and related companies with MarketBeat.com's FREE daily email newsletter.