Gabelli Funds LLC reduced its position in shares of Tennant Company (NYSE:TNC) by 0.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 280,000 shares of the company’s stock after selling 2,000 shares during the period. Gabelli Funds LLC’s holdings in Tennant Company were worth $19,936,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of TNC. Emerald Advisers Inc. PA boosted its stake in Tennant Company by 3.4% in the third quarter. Emerald Advisers Inc. PA now owns 206,526 shares of the company’s stock worth $13,383,000 after buying an additional 6,745 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Tennant Company by 1.9% in the third quarter. Great West Life Assurance Co. Can now owns 22,782 shares of the company’s stock worth $1,474,000 after buying an additional 426 shares during the last quarter. Albert D Mason Inc. boosted its stake in Tennant Company by 71.7% in the third quarter. Albert D Mason Inc. now owns 31,350 shares of the company’s stock worth $2,031,000 after buying an additional 13,090 shares during the last quarter. California Public Employees Retirement System boosted its stake in Tennant Company by 7.1% in the third quarter. California Public Employees Retirement System now owns 37,900 shares of the company’s stock worth $2,456,000 after buying an additional 2,500 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in Tennant Company during the third quarter worth $632,000. 88.32% of the stock is currently owned by institutional investors and hedge funds.
Tennant Company (NYSE:TNC) traded down 0.84% during trading on Friday, reaching $70.75. 14,518 shares of the company’s stock were exchanged. Tennant Company has a 52-week low of $45.92 and a 52-week high of $76.80. The stock’s 50 day moving average price is $69.49 and its 200 day moving average price is $67.40. The firm has a market cap of $1.25 billion, a P/E ratio of 28.54 and a beta of 1.04.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Thursday, March 2nd will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Tuesday, February 28th. Tennant Company’s dividend payout ratio is currently 34.01%.
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A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Tennant Company from a “sell” rating to a “hold” rating in a research note on Thursday, January 5th. Canaccord Genuity cut shares of Tennant Company from a “buy” rating to a “hold” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $64.50.
About Tennant Company
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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