Dorsey & Whitney Trust CO LLC Grows Stake in Tennant (NYSE:TNC)

Dorsey & Whitney Trust CO LLC boosted its stake in Tennant (NYSE:TNC) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,251 shares of the industrial products company’s stock after buying an additional 239 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Tennant were worth $4,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TNC. Ashton Thomas Private Wealth LLC purchased a new position in shares of Tennant in the second quarter valued at approximately $58,000. Quest Partners LLC raised its stake in Tennant by 1,642.6% in the 2nd quarter. Quest Partners LLC now owns 12,913 shares of the industrial products company’s stock valued at $1,271,000 after purchasing an additional 12,172 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Tennant by 20.3% in 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. Arizona State Retirement System boosted its stake in Tennant by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock worth $497,000 after purchasing an additional 176 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Tennant by 98.0% during the 2nd quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock worth $2,194,000 after purchasing an additional 11,034 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Price Performance

NYSE:TNC opened at $90.71 on Tuesday. Tennant has a one year low of $72.81 and a one year high of $124.11. The stock has a market cap of $1.71 billion, a PE ratio of 15.07 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The stock has a 50 day moving average price of $98.82 and a 200 day moving average price of $105.68.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.11. The business had revenue of $331.00 million during the quarter, compared to the consensus estimate of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the company earned $1.86 EPS. Equities research analysts expect that Tennant will post 6.48 EPS for the current fiscal year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.23%. Tennant’s payout ratio is 18.60%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Tennant from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 5th.

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.