Teacher Retirement System of Texas Sells 14,253 Shares of Tennant (NYSE:TNC)

Teacher Retirement System of Texas decreased its position in Tennant (NYSE:TNC - Free Report) by 19.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,209 shares of the industrial products company's stock after selling 14,253 shares during the quarter. Teacher Retirement System of Texas owned 0.31% of Tennant worth $4,827,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TNC. Geode Capital Management LLC raised its position in Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock valued at $41,971,000 after buying an additional 5,862 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Tennant by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company's stock valued at $21,117,000 after purchasing an additional 5,890 shares in the last quarter. Jacobson & Schmitt Advisors LLC increased its holdings in Tennant by 15.3% during the fourth quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company's stock worth $10,417,000 after buying an additional 16,934 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Tennant by 3.6% during the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock worth $8,261,000 after purchasing an additional 3,518 shares during the last quarter. Finally, Cerity Partners LLC increased its position in Tennant by 21.1% during the third quarter. Cerity Partners LLC now owns 90,173 shares of the industrial products company's stock worth $8,660,000 after buying an additional 15,722 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

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Insider Transactions at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction that occurred on 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 $2,256,936.60. The trade was a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Barb Balinski sold 1,717 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the sale, the senior vice president now owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Tennant Stock Performance

Shares of NYSE TNC traded up $0.64 during trading hours on Thursday, reaching $82.61. 115,172 shares of the stock were exchanged, compared to its average volume of 127,126. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The stock's fifty day simple moving average is $85.39 and its 200 day simple moving average is $87.15. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 18.86 and a beta of 1.02.

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

Tennant declared that its board has initiated a share buyback program on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.43%. Tennant's dividend payout ratio is presently 26.94%.

Analysts Set New Price Targets

TNC has been the subject of several research reports. StockNews.com downgraded Tennant from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Northcoast Research started coverage on shares of Tennant in a report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price for the company.

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.