Inspire Investing LLC Has $406,000 Stock Position in Tennant (NYSE:TNC)

Inspire Investing LLC grew its position in Tennant (NYSE:TNC) by 13.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,984 shares of the industrial products company’s stock after purchasing an additional 589 shares during the period. Inspire Investing LLC’s holdings in Tennant were worth $406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TNC. Assenagon Asset Management S.A. grew its position in Tennant by 82.1% in the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after acquiring an additional 105,319 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Tennant in the 3rd quarter valued at $3,873,000. Renaissance Technologies LLC boosted its holdings in Tennant by 1,900.0% in the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after purchasing an additional 34,200 shares in the last quarter. Barclays PLC increased its position in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after buying an additional 27,712 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Tennant by 93.1% during the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company’s stock valued at $4,672,000 after buying an additional 23,460 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on TNC. Northcoast Research started coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st.

Tennant Stock Performance

NYSE:TNC opened at $86.48 on Friday. The firm has a market capitalization of $1.63 billion, a PE ratio of 15.25 and a beta of 1.01. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm’s fifty day simple moving average is $84.29 and its 200 day simple moving average is $91.29.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business had revenue of $315.80 million during the quarter, compared to analyst estimates of $319.40 million. During the same period in the prior year, the business posted $1.34 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.36%. This is a boost from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, November 29th. Tennant’s dividend payout ratio is currently 20.81%.

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.