Texas Permanent School Fund Corp Sells 2,368 Shares of Tennant (NYSE:TNC)

Texas Permanent School Fund Corp cut its holdings in shares of Tennant (NYSE:TNC) by 14.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,981 shares of the industrial products company’s stock after selling 2,368 shares during the period. Texas Permanent School Fund Corp owned 0.07% of Tennant worth $1,376,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TNC. Trexquant Investment LP increased its position in shares of Tennant by 53.1% in the 4th quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock valued at $3,488,000 after acquiring an additional 13,060 shares during the period. Norges Bank purchased a new stake in Tennant during the 4th quarter valued at about $12,193,000. Inspire Investing LLC grew its stake in Tennant by 141.5% during the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock valued at $1,250,000 after purchasing an additional 6,021 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in Tennant during the 4th quarter valued at about $4,930,000. Finally, Nebula Research & Development LLC purchased a new stake in Tennant during the 4th quarter valued at about $821,000. 93.33% of the stock is currently owned by institutional investors.

Tennant Stock Performance

NYSE TNC opened at $93.90 on Friday. The stock has a 50-day moving average of $97.85 and a 200 day moving average of $104.70. Tennant has a twelve month low of $72.81 and a twelve month high of $124.11. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 15.60 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC) last announced its earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.11. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The business had revenue of $331.00 million during the quarter, compared to analysts’ expectations of $327.00 million. During the same quarter in the prior year, the firm earned $1.86 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that Tennant will post 6.48 EPS for the current fiscal year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.28 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 1.19%. Tennant’s dividend payout ratio is presently 18.60%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Tennant from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 5th.

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.