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

Geode Capital Management LLC grew its holdings in Tennant (NYSE:TNC) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 436,933 shares of the industrial products company’s stock after purchasing an additional 5,862 shares during the quarter. Geode Capital Management LLC’s holdings in Tennant were worth $41,971,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 241 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Tennant during the 2nd quarter worth about $58,000. Point72 DIFC Ltd acquired a new stake in shares of Tennant during the 2nd quarter worth approximately $71,000. nVerses Capital LLC bought a new stake in shares of Tennant during the third quarter worth approximately $77,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in Tennant by 37.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 263 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Trading Up 0.5 %

Shares of NYSE TNC opened at $80.64 on Wednesday. Tennant has a twelve month low of $79.25 and a twelve month high of $124.11. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 14.22 and a beta of 1.00. 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 company’s fifty day moving average is $87.79 and its 200-day moving average is $93.87.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.05). The business had revenue of $315.80 million during the quarter, compared to the consensus estimate of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 earnings per share. Equities research analysts predict that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued 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 a boost from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is 20.81%.

Analysts Set New Price Targets

Several analysts have commented on TNC shares. StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st. Northcoast Research began coverage on Tennant in a research note 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.