California Public Employees Retirement System lowered its position in Tennant Co. (NYSE:TNC) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 35,400 shares of the company’s stock after selling 800 shares during the period. California Public Employees Retirement System owned about 0.20% of Tennant worth $1,907,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Rothschild Asset Management Inc. acquired a new stake in Tennant during the second quarter worth $256,000. Emerald Advisers Inc. PA raised its stake in Tennant by 1.7% in the second quarter. Emerald Advisers Inc. PA now owns 199,781 shares of the company’s stock worth $10,762,000 after buying an additional 3,400 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in Tennant by 1.7% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 203,650 shares of the company’s stock worth $10,971,000 after buying an additional 3,330 shares in the last quarter. Clean Yield Group raised its stake in Tennant by 1.1% in the second quarter. Clean Yield Group now owns 31,340 shares of the company’s stock worth $1,688,000 after buying an additional 350 shares in the last quarter. Finally, Skylands Capital LLC purchased a new stake in Tennant during the second quarter worth approximately $829,000. 86.34% of the stock is currently owned by hedge funds and other institutional investors.
Tennant Co. (NYSE:TNC) traded down 4.16% on Friday, hitting $62.19. 52,946 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $64.28 and a 200-day moving average price of $57.41. The stock has a market cap of $1.09 billion, a P/E ratio of 35.10 and a beta of 0.90. Tennant Co. has a 12 month low of $45.92 and a 12 month high of $66.54.
Tennant (NYSE:TNC) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.13. The company earned $216.80 million during the quarter, compared to the consensus estimate of $210.61 million. Tennant had a return on equity of 18.52% and a net margin of 3.97%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 EPS. Equities analysts predict that Tennant Co. will post $2.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.23%. Tennant’s dividend payout ratio (DPR) is presently 44.94%.
A number of research firms have recently commented on TNC. Zacks Investment Research raised shares of Tennant from a “hold” rating to a “strong-buy” rating and set a $73.00 price objective on the stock in a research note on Thursday, July 28th. TheStreet raised shares of Tennant from a “hold” rating to a “buy” rating in a research note on Tuesday, July 26th. National Bank Financial lowered shares of Tennant from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 7th. Finally, Jefferies Group upped their price objective on shares of Tennant from $54.00 to $56.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Tennant currently has an average rating of “Hold” and an average price target of $33.95.
In related news, SVP Heidi M. Wilson sold 12,158 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total transaction of $774,221.44. Following the completion of the transaction, the senior vice president now directly owns 24,541 shares in the company, valued at approximately $1,562,770.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thomas Paulson sold 15,304 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total value of $948,848.00. Following the transaction, the chief financial officer now owns 43,313 shares of the company’s stock, valued at $2,685,406. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
Tennant Company Profile
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
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