Isthmus Partners LLC Makes New Investment in Tennant (NYSE:TNC)

Isthmus Partners LLC acquired a new position in Tennant (NYSE:TNC) in the third quarter, Holdings Channel reports. The fund acquired 6,000 shares of the industrial products company’s stock, valued at approximately $576,000.

Other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in Tennant by 577.3% in the second quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock valued at $12,623,000 after acquiring an additional 109,298 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 acquiring an additional 67,080 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in Tennant in the third quarter valued at about $3,873,000. Renaissance Technologies LLC boosted its stake in Tennant by 1,900.0% in the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock valued at $3,544,000 after acquiring an additional 34,200 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Tennant by 20.3% during 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 buying an additional 21,210 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Performance

Shares of TNC stock opened at $88.48 on Friday. The stock has a market capitalization of $1.67 billion, a P/E ratio of 15.60 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $90.73 and its 200 day moving average is $96.01. Tennant has a 12 month low of $82.54 and a 12 month high of $124.11.

Tennant (NYSE:TNC) last posted its 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). Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. During the same quarter in the prior year, the company earned $1.34 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.295 dividend. This is a positive change from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.33%. Tennant’s dividend payout ratio is presently 19.75%.

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.