Cresset Asset Management LLC Acquires 365 Shares of Tennant Company $TNC

Cresset Asset Management LLC lifted its holdings in shares of Tennant Company (NYSE:TNC) by 12.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,372 shares of the industrial products company’s stock after acquiring an additional 365 shares during the period. Cresset Asset Management LLC’s holdings in Tennant were worth $269,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Millennium Management LLC boosted its holdings in Tennant by 143.6% during the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company’s stock worth $37,735,000 after purchasing an additional 272,858 shares during the last quarter. Nuveen LLC bought a new position in shares of Tennant during the 1st quarter worth approximately $10,328,000. Deprince Race & Zollo Inc. purchased a new position in shares of Tennant in the 4th quarter worth approximately $10,390,000. Vision One Management Partners LP purchased a new stake in shares of Tennant during the 4th quarter worth approximately $9,262,000. Finally, Voloridge Investment Management LLC lifted its position in shares of Tennant by 150.0% during the fourth quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company’s stock worth $12,267,000 after acquiring an additional 90,273 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Price Performance

Tennant stock opened at $83.13 on Wednesday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 1.80 and a beta of 1.06. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The business has a 50-day simple moving average of $80.97 and a 200 day simple moving average of $78.87. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.14). Tennant had a net margin of 4.84% and a return on equity of 16.41%. The business had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. During the same quarter last year, the business posted $1.83 EPS. The business’s revenue was down 3.7% compared to the same quarter last year. On average, research analysts forecast that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Tennant’s dividend payout ratio (DPR) is presently 36.76%.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Tennant to a “hold” rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $125.00.

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.