Allspring Global Investments Holdings LLC Has $1.10 Million Stock Position in Tennant (NYSE:TNC)

Allspring Global Investments Holdings LLC reduced its stake in Tennant (NYSE:TNC) by 78.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,467 shares of the industrial products company’s stock after selling 42,137 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.06% of Tennant worth $1,101,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Inspire Investing LLC lifted its position in shares of Tennant by 141.5% during the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock worth $1,250,000 after buying an additional 6,021 shares in the last quarter. Vanguard Group Inc. increased its stake in Tennant by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after acquiring an additional 40,711 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Tennant by 98.0% in the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock worth $2,194,000 after purchasing an additional 11,034 shares during the last quarter. TD Asset Management Inc boosted its holdings in Tennant by 129.3% during the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock valued at $1,309,000 after acquiring an additional 7,500 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in shares of Tennant by 6.8% in the first quarter. Acadian Asset Management LLC now owns 104,572 shares of the industrial products company’s stock worth $12,712,000 after purchasing an additional 6,644 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Trading Down 2.8 %

Shares of Tennant stock opened at $87.61 on Friday. The company has a market capitalization of $1.66 billion, a P/E ratio of 15.12 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The company has a fifty day moving average of $93.31 and a 200 day moving average of $99.71. Tennant has a fifty-two week low of $73.82 and a fifty-two week high of $124.11.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.11. The business had revenue of $331.00 million during the quarter, compared to analysts’ expectations of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 EPS. On average, sell-side analysts anticipate that Tennant will post 6.48 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Friday, August 30th. Tennant’s payout ratio is 19.34%.

Analyst Upgrades and Downgrades

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

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.