Kopion Asset Management LLC decreased its holdings in Tennant (NYSE:TNC – Free Report) by 17.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,215 shares of the industrial products company’s stock after selling 20,536 shares during the quarter. Tennant comprises about 6.5% of Kopion Asset Management LLC’s portfolio, making the stock its 7th biggest position. Kopion Asset Management LLC owned approximately 0.51% of Tennant worth $7,642,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. SFE Investment Counsel increased its position in shares of Tennant by 2.8% in the first quarter. SFE Investment Counsel now owns 22,739 shares of the industrial products company’s stock valued at $1,807,000 after buying an additional 625 shares in the last quarter. Penn Capital Management Company LLC boosted its stake in shares of Tennant by 114.7% in the fourth quarter. Penn Capital Management Company LLC now owns 42,344 shares of the industrial products company’s stock worth $2,607,000 after acquiring an additional 22,618 shares during the last quarter. New York Life Investment Management LLC purchased a new stake in shares of Tennant during the first quarter worth approximately $485,000. William Blair Investment Management LLC raised its stake in Tennant by 0.6% in the 1st quarter. William Blair Investment Management LLC now owns 160,014 shares of the industrial products company’s stock valued at $10,966,000 after purchasing an additional 955 shares during the last quarter. Finally, P2 Capital Partners LLC lifted its holdings in Tennant by 15.8% in the 1st quarter. P2 Capital Partners LLC now owns 711,530 shares of the industrial products company’s stock valued at $48,761,000 after purchasing an additional 96,947 shares in the last quarter. Hedge funds and other institutional investors own 91.14% of the company’s stock.
Insider Transactions at Tennant
In related news, CEO David W. Huml sold 4,599 shares of Tennant stock in a transaction on Monday, August 14th. The shares were sold at an average price of $83.83, for a total transaction of $385,534.17. Following the sale, the chief executive officer now directly owns 40,531 shares in the company, valued at approximately $3,397,713.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Richard H. Zay sold 5,559 shares of Tennant stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $85.79, for a total value of $476,906.61. Following the transaction, the insider now directly owns 11,095 shares of the company’s stock, valued at approximately $951,840.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David W. Huml sold 4,599 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $83.83, for a total transaction of $385,534.17. Following the sale, the chief executive officer now owns 40,531 shares of the company’s stock, valued at approximately $3,397,713.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,923 shares of company stock worth $1,009,359. 2.60% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Tennant Trading Down 1.0 %
Shares of NYSE TNC traded down $0.75 during midday trading on Friday, reaching $76.74. 265,986 shares of the stock were exchanged, compared to its average volume of 116,067. Tennant has a twelve month low of $56.04 and a twelve month high of $87.53. The stock has a market capitalization of $1.43 billion, a P/E ratio of 15.11 and a beta of 1.11. The company has a 50 day simple moving average of $80.84 and a 200 day simple moving average of $75.97. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.52 and a current ratio of 2.29.
Tennant (NYSE:TNC – Get Free Report) last released its quarterly earnings results on Friday, August 4th. The industrial products company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.70. The business had revenue of $321.70 million during the quarter, compared to analysts’ expectations of $291.67 million. Tennant had a return on equity of 22.49% and a net margin of 8.04%. The company’s revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 EPS. As a group, equities analysts expect that Tennant will post 5.43 earnings per share for the current year.
Tennant Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Wednesday, August 30th. Tennant’s dividend payout ratio (DPR) is 20.87%.
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.
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