Tennant (NYSE:TNC) Holdings Lifted by New York State Common Retirement Fund

New York State Common Retirement Fund raised its holdings in Tennant (NYSE:TNC - Free Report) by 555.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,514 shares of the industrial products company's stock after acquiring an additional 36,875 shares during the quarter. New York State Common Retirement Fund owned approximately 0.23% of Tennant worth $3,548,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock worth $51,000 after acquiring an additional 241 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Tennant by 43.7% in the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock valued at $81,000 after purchasing an additional 255 shares during the period. KBC Group NV lifted its holdings in shares of Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after purchasing an additional 394 shares during the period. R Squared Ltd purchased a new stake in shares of Tennant in the 4th quarter valued at $92,000. Finally, Millburn Ridgefield Corp boosted its holdings in Tennant by 453.4% in the third quarter. Millburn Ridgefield Corp now owns 1,212 shares of the industrial products company's stock valued at $116,000 after purchasing an additional 993 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have weighed in on TNC. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th. Northcoast Research started coverage on Tennant in a report on Thursday, December 19th. They issued a "buy" rating and a $125.00 price objective on the stock.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company's stock.

Tennant Trading Up 0.3 %

NYSE:TNC traded up $0.25 during trading hours on Tuesday, reaching $82.85. 81,221 shares of the stock were exchanged, compared to its average volume of 183,185. The business has a 50-day moving average of $84.65 and a two-hundred day moving average of $88.47. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 18.91 and a beta of 1.01.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. On average, equities analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.42%. Tennant's dividend payout ratio is currently 26.94%.

Tennant declared that its board has approved a stock repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.