Renaissance Technologies LLC Sells 34,300 Shares of Tennant Company (TNC)
Renaissance Technologies LLC cut its position in Tennant Company (NYSE:TNC) by 70.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 14,600 shares of the industrial products company’s stock after selling 34,300 shares during the period. Renaissance Technologies LLC owned 0.08% of Tennant worth $1,061,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Tennant during the first quarter worth about $103,000. State of Alaska Department of Revenue boosted its position in shares of 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 in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Tennant during the first quarter worth about $157,000. Mason Street Advisors LLC boosted its position in shares of 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 in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Tennant by 30.4% in the first quarter. UBS Asset Management Americas Inc. now owns 5,583 shares of the industrial products company’s stock worth $406,000 after buying an additional 1,300 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.
Tennant Company (TNC) traded up 0.82% during midday trading on Friday, hitting $61.50. The stock had a trading volume of 87,514 shares. Tennant Company has a 52 week low of $60.10 and a 52 week high of $76.80. The stock’s 50 day moving average price is $69.33 and its 200-day moving average price is $71.42. The company has a market cap of $1.10 billion, a PE ratio of 54.04 and a beta of 1.07.
Tennant (NYSE:TNC) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.79 by $0.19. Tennant had a return on equity of 15.39% and a net margin of 2.32%. The business had revenue of $270.79 million for the quarter, compared to analyst estimates of $268.32 million. During the same quarter in the prior year, the business earned $0.85 earnings per share. The firm’s quarterly revenue was up 24.9% on a year-over-year basis. Equities research analysts predict that Tennant Company will post $2.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $0.21 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.37%. Tennant’s dividend payout ratio (DPR) is currently 75.00%.
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A number of brokerages have issued reports on TNC. BidaskClub raised shares of Tennant from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 2nd. Zacks Investment Research cut Tennant from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, TheStreet cut Tennant from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $65.00.
In related news, CFO Thomas Paulson sold 7,500 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 31,755 shares in the company, valued at approximately $2,348,282.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Richard H. Zay sold 1,280 shares of the business’s stock in a transaction on 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 owns 15,423 shares in the company, valued at approximately $1,125,879. The disclosure for this sale can be found here. 5.70% of the stock is currently owned by insiders.
Tennant Company Profile
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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