OppenheimerFunds Inc. Has $629,000 Stake in Tennant Company (TNC)
OppenheimerFunds Inc. raised its position in shares of Tennant Company (NYSE:TNC) by 25.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,652 shares of the industrial products company’s stock after buying an additional 1,770 shares during the period. OppenheimerFunds Inc.’s holdings in Tennant were worth $629,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in TNC. Ameritas Investment Partners Inc. purchased a new position in Tennant during the first quarter worth $103,000. State of Alaska Department of Revenue increased its position in Tennant by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 1,950 shares of the industrial products company’s stock worth $141,000 after buying an additional 50 shares during the period. Victory Capital Management Inc. purchased a new position in Tennant during the first quarter worth $157,000. Mason Street Advisors LLC increased its position in Tennant by 7.4% in the first quarter. Mason Street Advisors LLC now owns 4,138 shares of the industrial products company’s stock worth $301,000 after buying an additional 285 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Tennant during the fourth quarter worth $403,000. 88.91% of the stock is currently owned by institutional investors.
Tennant Company (NYSE TNC) remained flat at $66.25 during trading on Monday. 209,814 shares of the company traded hands. The company has a market cap of $1.17 billion, a P/E ratio of 58.22 and a beta of 1.07. The firm has a 50-day moving average price of $74.42 and a 200-day moving average price of $72.08. Tennant Company has a 12-month low of $60.21 and a 12-month high of $76.80.
Tennant (NYSE:TNC) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by $0.19. Tennant had a return on equity of 15.39% and a net margin of 2.32%. The firm had revenue of $270.79 million for the quarter, compared to analysts’ expectations of $268.32 million. During the same period last year, the firm earned $0.85 earnings per share. Tennant’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts expect that Tennant Company will post $2.28 earnings per share for the current year.
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Several analysts have recently commented on TNC shares. Zacks Investment Research raised Tennant from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th. BidaskClub raised Tennant from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th.
In other Tennant news, SVP Richard H. Zay sold 1,280 shares of Tennant stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $73.00, for a total transaction of $93,440.00. Following the transaction, the senior vice president now directly owns 15,423 shares of the company’s stock, valued at $1,125,879. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Paulson sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $73.95, for a total transaction of $554,625.00. Following the completion of the sale, the chief financial officer now directly owns 31,755 shares in the company, valued at $2,348,282.25. The disclosure for this sale can be found here. 5.70% of the stock is owned by insiders.
Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.
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