Raymond James Financial Inc. Has $4.75 Million Stock Position in Tennant Company $TNC

Key Points

• Raymond James Financial Inc. has reduced its stake in Tennant Company by 16.7%, now owning about 0.32% of the company, valued at approximately $4.75 million after selling 11,924 shares.
• Tennant recently reported earnings per share of $1.49, which missed analyst expectations, along with revenue of $318.60 million, down 3.7% year-over-year.
• The company declared a quarterly dividend of $0.295, equating to an annual yield of 1.4%, with the ex-dividend date set for August 29th.

Raymond James Financial Inc. lessened its position in Tennant Company (NYSE:TNC - Free Report) by 16.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,578 shares of the industrial products company's stock after selling 11,924 shares during the period. Raymond James Financial Inc. owned approximately 0.32% of Tennant worth $4,751,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cresset Asset Management LLC raised its stake in Tennant by 12.1% during the 1st quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company's stock valued at $269,000 after acquiring an additional 365 shares in the last quarter. American Century Companies Inc. lifted its holdings in Tennant by 44.3% in the first quarter. American Century Companies Inc. now owns 222,821 shares of the industrial products company's stock worth $17,770,000 after purchasing an additional 68,453 shares during the period. Russell Investments Group Ltd. lifted its holdings in Tennant by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 80,430 shares of the industrial products company's stock worth $6,414,000 after purchasing an additional 25,392 shares during the period. Public Sector Pension Investment Board grew its position in Tennant by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 59,806 shares of the industrial products company's stock valued at $4,770,000 after buying an additional 12,773 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Tennant during the 1st quarter valued at about $10,328,000. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of NYSE:TNC traded down $0.21 during trading hours on Wednesday, hitting $80.99. 86,255 shares of the company's stock traded hands, compared to its average volume of 96,415. The company's fifty day simple moving average is $82.03 and its two-hundred day simple moving average is $78.50. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The business had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The company's quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.83 earnings per share. As a group, equities analysts anticipate that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.295 per share. The ex-dividend date is Friday, August 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.5%. Tennant's payout ratio is currently 36.76%.

Analysts Set New Price Targets

Separately, Zacks Research raised shares of Tennant to a "hold" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Tennant currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.00.

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.