First Affirmative Financial Network Acquires New Position in Tennant Shares
September 17, 2023 – First Affirmative Financial Network, a leading investment firm, has recently disclosed its acquisition of a new position in shares of Tennant (NYSE:TNC) during the second quarter. According to their disclosure with the Securities and Exchange Commission, the fund obtained 2,850 shares of Tennant’s stock, valued at approximately $231,000.
Tennant, an industrial products company, recently released its quarterly earnings data on Friday, August 4th. The company reported earnings per share (EPS) of $1.86 for the quarter, surpassing the consensus estimate of $1.16 by an impressive $0.70. This positive performance reflects Tennant’s strong financial standing as it achieved a return on equity of 22.49% and a net margin of 8.04%.
Furthermore, Tennant experienced growth in its revenue for the quarter, reaching $321.70 million compared to the consensus estimate of $291.67 million. This represents a significant year-over-year increase of 14.8%. In the same quarter last year, Tennant earned $0.92 EPS, indicating substantial growth in their current earnings.
Equities analysts are optimistic about Tennant’s future prospects and anticipate that it will post earnings per share of 5.43 for the current year.
In addition to this news, StockNews.com recently initiated coverage on Tennant and assigned it a “strong-buy” rating in their research report published on Thursday, August 17th.
These developments highlight First Affirmative Financial Network’s strategic move to acquire shares in Tennant and demonstrate confidence in the company’s performance potential within the industrial products sector.
Disclaimer: The information provided in this article is based solely on publicly available data as of September 17th and does not constitute financial advice or endorsement by any party. Investors are encouraged to conduct their own research and analysis before making investment decisions.
Institutional Investors Adjust Positions in Industrial Products Company Tennant while Insiders Sell Shares
September 17, 2023 – Institutional investors have been actively adjusting their positions in the industrial products company, Tennant. Turtle Creek Asset Management Inc. recently acquired a new position in Tennant during the first quarter with a value of $41,000. Similarly, Advisor Group Holdings Inc. saw an impressive growth of its holdings in the company, increasing by 181.6% in the fourth quarter, bringing its total ownership to 780 shares valued at $48,000. Acadian Asset Management LLC also joined the trend by purchasing a new position in Tennant worth approximately $53,000 during the first quarter.
In another instance of institutional investment activity related to Tennant, Captrust Financial Advisors increased its position by 15.5% during the second quarter and now owns 1,090 shares valued at $65,000. The Zurcher Kantonalbank Zurich Cantonalbank witnessed a significant lift in its holdings of Tennant by 42.8% during the second quarter as well. With an additional acquisition of 819 shares, their current holding stands at 2,732 shares worth $162,000. It is worth noting that institutional investors currently own approximately 91.14% of the company’s stock.
Meanwhile, director Steven Alan Sonnenberg made headlines after selling 1,765 shares of Tennant stock on Wednesday, August 30th at an average price of $83.24 per share for a total transaction value of $146,918.60. As a result of this transaction, Sonnenberg’s personal stake in the company now sits at 22,994 shares worth $1,914,020.56.
CEO David W. Huml also made a notable move within the same timeframe as he sold 4,599 shares of Tennant stock on Monday, August 14th for an average price of $83.83 per share with a total value of $385,534.17. This sale decreased Huml’s ownership to 40,531 shares valued at $3,397,713.73.
This consistent selling of shares by insiders is noteworthy, as it adds up to a total of 11,923 shares sold in the last three months with a combined value of $1,009,359. It should be noted that company insiders now own 2.60% of the overall shares.
On Friday, Tennant opened with a stock price of $76.74. The company has experienced notable fluctuations in its stock price over the past twelve months, ranging from a low of $56.04 to a high of $87.53. Currently, the stock’s 50-day moving average stands at $80.84 while its two-hundred day moving average is at $76.01.
Tennant holds a market capitalization of approximately $1.43 billion and boasts a price-to-earnings ratio of 15.11 with a beta factor of 1.11 indicating moderate volatility compared to the broader market.
As for its financial health indicators, Tennant has displayed strong liquidity ratios with a quick ratio of 1.52 and current ratio of 2.29 suggesting that the company possesses enough short-term assets to cover its immediate liabilities comfortably.
The company also maintains a conservative debt position with a debt-to-equity ratio standing at 0.52 which further safeguards its financial stability and strengthens investor confidence in Tennant’s long-term sustainability.
Investors interested in staying updated on developments related to Tennant can access our latest research report on the company for detailed insights and analysis into its operations and performance within this evolving market landscape.