Bank of Montreal Can increased its position in Tennant (NYSE:TNC) by 2,435.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 24,039 shares of the industrial products company’s stock after purchasing an additional 23,091 shares during the quarter. Bank of Montreal Can owned approximately 0.13% of Tennant worth $1,826,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Tennant by 8.4% in the 2nd quarter. BlackRock Inc. now owns 2,456,184 shares of the industrial products company’s stock valued at $194,039,000 after acquiring an additional 190,680 shares during the period. Northern Trust Corp raised its holdings in Tennant by 3.2% in the 2nd quarter. Northern Trust Corp now owns 240,395 shares of the industrial products company’s stock valued at $18,992,000 after acquiring an additional 7,520 shares during the period. Voya Investment Management LLC raised its holdings in Tennant by 0.8% in the 2nd quarter. Voya Investment Management LLC now owns 202,461 shares of the industrial products company’s stock valued at $15,994,000 after acquiring an additional 1,663 shares during the period. BTIM Corp. bought a new position in Tennant in the 2nd quarter valued at about $12,783,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in Tennant by 7.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 153,731 shares of the industrial products company’s stock valued at $12,145,000 after acquiring an additional 11,090 shares during the period. 86.16% of the stock is currently owned by hedge funds and other institutional investors.
In other Tennant news, SVP David W. Huml sold 13,416 shares of the stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $75.15, for a total transaction of $1,008,212.40. Following the transaction, the senior vice president now owns 14,975 shares in the company, valued at approximately $1,125,371.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.60% of the company’s stock.
Several research firms have weighed in on TNC. Zacks Investment Research raised shares of Tennant from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Wednesday, October 24th. TheStreet raised shares of Tennant from a “c+” rating to a “b” rating in a report on Thursday, July 26th. Finally, ValuEngine lowered shares of Tennant from a “buy” rating to a “hold” rating in a research report on Friday, October 12th.
Shares of NYSE:TNC opened at $63.14 on Friday. Tennant has a 12-month low of $58.58 and a 12-month high of $86.03. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 41.00, a price-to-earnings-growth ratio of 3.07 and a beta of 0.99. The company has a current ratio of 1.84, a quick ratio of 1.25 and a debt-to-equity ratio of 1.03.
Tennant (NYSE:TNC) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.15. Tennant had a net margin of 2.01% and a return on equity of 11.94%. The firm had revenue of $273.30 million for the quarter, compared to analyst estimates of $267.20 million. During the same quarter in the prior year, the business posted $0.32 EPS. The business’s revenue was up 4.4% compared to the same quarter last year. Equities analysts expect that Tennant will post 2.11 earnings per share for the current fiscal year.
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Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
Further Reading: Retained Earnings
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