Renaissance Technologies LLC Acquires 34,200 Shares of Tennant (NYSE:TNC)

Renaissance Technologies LLC lifted its holdings in shares of Tennant (NYSE:TNC) by 1,900.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,000 shares of the industrial products company’s stock after acquiring an additional 34,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Tennant were worth $3,544,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in Tennant during the 4th quarter valued at $12,193,000. Inspire Investing LLC boosted its holdings in shares of Tennant by 141.5% during the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock worth $1,250,000 after buying an additional 6,021 shares during the period. Allianz Asset Management GmbH acquired a new position in Tennant in the 4th quarter valued at about $4,930,000. Nebula Research & Development LLC bought a new position in Tennant in the 4th quarter valued at about $821,000. Finally, Vanguard Group Inc. lifted its position in Tennant by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after acquiring an additional 40,711 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 5th.

Tennant Stock Performance

TNC stock opened at $96.58 on Monday. The company’s 50-day simple moving average is $96.50 and its 200 day simple moving average is $104.01. Tennant has a 52 week low of $72.81 and a 52 week high of $124.11. The company has a market capitalization of $1.84 billion, a PE ratio of 16.04 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.11. The firm had revenue of $331.00 million for the quarter, compared to analyst estimates of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The company’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $1.86 EPS. As a group, sell-side analysts anticipate that Tennant will post 6.48 earnings per share for the current year.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Friday, August 30th. Tennant’s payout ratio is presently 18.60%.

Tennant 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.