Dimensional Fund Advisors LP Cuts Tennant (NYSE:TNC) Stake

Dimensional Fund Advisors LP trimmed its position in Tennant (NYSE:TNC – Free Report ) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 590,656 shares of the industrial products company’s stock after selling 7,281 shares during the period. Dimensional Fund Advisors LP’s holdings in Tennant were worth $58,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TNC. Vanguard Group Inc. raised its stake in Tennant by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock valued at $278,636,000 after purchasing an additional 40,711 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Tennant by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after purchasing an additional 4,128 shares during the last quarter. American Century Companies Inc. boosted its stake in Tennant by 79.8% in the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares during the last quarter. Norges Bank acquired a new stake in shares of Tennant in the 4th quarter valued at approximately $12,193,000. Finally, Assenagon Asset Management SA boosted its stake in Tennant by 577.3% in the second quarter. Assenagon Asset Management SA now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after purchasing an additional 109,298 shares during the last quarter. 93.33% of shares are owned by hedge funds and other institutional investors.

Tenant price performance

TNC opened at $96.58 on Friday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 16.04 and a beta of 1.00. Tennant has a fifty-two week low of $72.81 and a fifty-two week high of $124.11. The company’s 50-day moving average price is $96.50 and its 200-day moving average price is $104.07. The company has a quick ratio of 1.46, a current ratio of 2.17, and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC – Get Your Free Report ) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.11. The firm had revenue of $331.00 million for the quarter, compared to analyst estimates of $327.00 million. Tennant had a net margin of 8.76% and a return on equity of 22.23%. Tennant’s quarterly revenue was up 2.9% on a year-over-year basis. In the same quarter last year, the company earned $1.86 per share. As a group, sell-side analysts expect that Tennant will post 6.48 earnings per share for the current year.

Tenant Dividend Notice

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, August 30. This represents an annualized dividend of $1.12 and a yield of 1.16%. Tennant’s dividend payout ratio (DPR) is 18.60%.

The Wall Street analyst weighs in

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

Check out our latest report on Tennant

About Tennant

(Free Report)

Tennant Company, together with its subsidiaries, designs, manufactures and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa and Asia Pacific. The company offers a suite of products including floor cleaning and maintenance equipment, detergent-free and other sustainable cleaning technologies, spare parts and consumables, equipment maintenance and repair services and asset management solutions.

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