Principal Financial Group Inc. Reduces Stake in Tennant (NYSE:TNC)

Principal Financial Group Inc. reduced its stake in shares of Tennant (NYSE:TNC) by 4.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,802 shares of the industrial products company’s stock after selling 4,090 shares during the quarter. Principal Financial Group Inc.’s holdings in Tennant were worth $9,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TNC. Eagle Asset Management Inc. bought a new position in shares of Tennant during the 3rd quarter valued at approximately $3,873,000. Algert Global LLC raised its holdings in Tennant by 16.3% during the 3rd quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock valued at $4,167,000 after buying an additional 6,085 shares during the period. Victory Capital Management Inc. raised its holdings in Tennant by 98.0% during the 2nd quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock valued at $2,194,000 after buying an additional 11,034 shares during the period. TD Asset Management Inc raised its holdings in Tennant by 129.3% during the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock valued at $1,309,000 after buying an additional 7,500 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Tennant during the 2nd quarter valued at $1,055,000. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Stock Performance

Shares of NYSE:TNC opened at $81.33 on Tuesday. The firm’s 50 day simple moving average is $86.55 and its 200-day simple moving average is $93.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. Tennant has a one year low of $79.25 and a one year high of $124.11. The firm has a market cap of $1.53 billion, a PE ratio of 14.34 and a beta of 1.00.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. During the same quarter in the previous year, the business earned $1.34 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities analysts predict that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.295 dividend. The ex-dividend date was Friday, November 29th. This is a positive change from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.45%. Tennant’s dividend payout ratio is 20.81%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TNC. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research began coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 target price for the company.

About Tennant

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.