Victory Capital Management Inc. Cuts Holdings in Tennant (NYSE:TNC)

Posted by Defense World Staff on Nov 3rd, 2023

Victory Capital Management Inc. trimmed its holdings in shares of Tennant (NYSE:TNC – Free Report) by 26.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,035 shares of the industrial products company’s stock after selling 2,863 shares during the period. Victory Capital Management Inc.’s holdings in Tennant were worth $652,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TNC. Turtle Creek Asset Management Inc. purchased a new position in Tennant in the 1st quarter valued at approximately $41,000. Advisor Group Holdings Inc. increased its stake in Tennant by 181.6% in the 4th quarter. Advisor Group Holdings Inc. now owns 780 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 503 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Tennant during the first quarter worth $53,000. Exchange Traded Concepts LLC purchased a new position in Tennant during the second quarter worth $65,000. Finally, Captrust Financial Advisors increased its position in Tennant by 15.5% during the second quarter. Captrust Financial Advisors now owns 1,090 shares of the industrial products company’s stock worth $65,000 after buying an additional 146 shares in the last quarter. 91.14% of the stock is owned by hedge funds and other institutional investors.

Tennant Price Performance

TNC stock opened at $80.74 on Friday. Tennant has a 52-week low of $57.39 and a 52-week high of $87.53. The stock’s fifty day simple moving average is $76.87 and its 200-day simple moving average is $77.88. The company has a quick ratio of 1.52, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 14.79 and a beta of 1.06.

Tennant (NYSE:TNC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.19. Tennant had a return on equity of 22.50% and a net margin of 8.36%. The business had revenue of $304.70 million for the quarter, compared to analysts’ expectations of $296.60 million. During the same quarter last year, the firm earned $0.99 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. Equities research analysts expect that Tennant will post 5.43 EPS for the current year.

Tennant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.39%. This is a boost from Tennant’s previous quarterly dividend of $0.27. Tennant’s dividend payout ratio (DPR) is presently 19.41%.

Insider Activity at Tennant

In related news, Director Donal L. Mulligan sold 1,765 shares of Tennant stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $73.94, for a total value of $130,504.10. Following the transaction, the director now owns 16,715 shares in the company, valued at $1,235,907.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Tennant news, insider Richard H. Zay sold 5,559 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $85.79, for a total value of $476,906.61. Following the transaction, the insider now directly owns 11,095 shares of the company’s stock, valued at $951,840.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donal L. Mulligan sold 1,765 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $73.94, for a total value of $130,504.10. Following the completion of the transaction, the director now directly owns 16,715 shares in the company, valued at $1,235,907.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,688 shares of company stock worth $1,139,863. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com assumed coverage on Tennant in a research report on Thursday, October 5th. They set a “strong-buy” rating for the company. CJS Securities raised Tennant from a “market perform” rating to an “outperform” rating and set a $100.00 price target for the company in a research report on Wednesday.

View Our Latest Stock Analysis on TNC

About Tennant

(Free Report)

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.