Acadian Asset Management LLC Raises Stake in Tennant (NYSE:TNC)

Acadian Asset Management LLC raised its holdings in shares of Tennant (NYSE:TNC) by 6.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 104,572 shares of the industrial products company’s stock after purchasing an additional 6,644 shares during the quarter. Acadian Asset Management LLC owned approximately 0.55% of Tennant worth $12,712,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Trexquant Investment LP lifted its holdings in Tennant by 53.1% during the fourth quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock valued at $3,488,000 after purchasing an additional 13,060 shares during the last quarter. Norges Bank purchased a new stake in shares of Tennant in the fourth quarter worth about $12,193,000. Inspire Investing LLC lifted its holdings in shares of Tennant by 141.5% in the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock worth $1,250,000 after buying an additional 6,021 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Tennant in the fourth quarter worth about $4,930,000. Finally, Nebula Research & Development LLC purchased a new stake in shares of Tennant in the fourth quarter worth about $821,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Price Performance

Shares of Tennant stock traded down $1.80 on Friday, reaching $105.83. The stock had a trading volume of 82,061 shares, compared to its average volume of 102,595. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $100.91 and its two-hundred day moving average is $104.81. The company has a market cap of $2.01 billion, a P/E ratio of 17.58 and a beta of 1.02. Tennant has a 1 year low of $72.81 and a 1 year high of $124.11.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Friday, May 3rd. The industrial products company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.36. Tennant had a net margin of 9.10% and a return on equity of 23.16%. The business had revenue of $311.00 million for the quarter, compared to analysts’ expectations of $314.10 million. As a group, research analysts anticipate that Tennant will post 6.56 EPS for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Friday, May 31st. Tennant’s payout ratio is currently 18.60%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 27th.

Tennant 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.