Allianz Asset Management GmbH Trims Stock Holdings in Tennant Company $TNC

Allianz Asset Management GmbH decreased its holdings in shares of Tennant Company (NYSE:TNC) by 19.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,650 shares of the industrial products company’s stock after selling 2,964 shares during the period. Allianz Asset Management GmbH owned approximately 0.07% of Tennant worth $980,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock worth $39,000 after buying an additional 399 shares during the last quarter. Banque Transatlantique SA purchased a new position in shares of Tennant during the first quarter worth about $59,000. Alta Fox Capital Management LLC purchased a new position in shares of Tennant during the first quarter worth about $73,000. CWM LLC grew its holdings in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company’s stock worth $121,000 after buying an additional 878 shares during the last quarter. Finally, Cresset Asset Management LLC grew its holdings in shares of Tennant by 12.1% during the first quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company’s stock worth $269,000 after buying an additional 365 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Price Performance

TNC stock opened at $81.78 on Monday. The firm has a 50 day moving average of $81.39 and a 200-day moving average of $78.31. Tennant Company has a 12-month low of $67.32 and a 12-month high of $94.86. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.77 and a beta of 1.06.

Tennant (NYSE:TNC) last posted 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 company had revenue of $318.60 million for the quarter, compared to analyst estimates of $327.20 million. During the same quarter in the previous year, the business posted $1.83 earnings per share. Tennant’s revenue was down 3.7% on a year-over-year basis. As a group, equities analysts expect that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TNC shares. Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a report on Tuesday, October 14th. Zacks Research raised Tennant to a “hold” rating in a report on Tuesday, August 12th. Finally, Roth Capital initiated coverage on shares of Tennant in a research report on Friday. They issued a “buy” rating and a $102.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $113.50.

About Tennant

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.