Louisiana State Employees Retirement System Lowers Stock Position in Tennant (NYSE:TNC)

Louisiana State Employees Retirement System trimmed its holdings in shares of Tennant (NYSE:TNC) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,100 shares of the industrial products company’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Tennant were worth $874,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Tennant in the 1st quarter valued at $283,000. Daiwa Securities Group Inc. grew its stake in Tennant by 70.2% in the first quarter. Daiwa Securities Group Inc. now owns 4,818 shares of the industrial products company’s stock valued at $586,000 after purchasing an additional 1,987 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in Tennant by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 16,349 shares of the industrial products company’s stock worth $1,988,000 after purchasing an additional 212 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Tennant by 30.9% during the first quarter. SG Americas Securities LLC now owns 7,036 shares of the industrial products company’s stock valued at $856,000 after buying an additional 1,659 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Tennant by 2.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 11,072 shares of the industrial products company’s stock valued at $1,346,000 after buying an additional 257 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday.

Tennant Stock Performance

Shares of TNC opened at $83.19 on Monday. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.57 billion, a PE ratio of 14.67 and a beta of 1.00. Tennant has a 12 month low of $79.52 and a 12 month high of $124.11. The stock has a fifty day moving average price of $92.94 and a 200-day moving average price of $99.17.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The company had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. During the same period last year, the business posted $1.34 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts predict that Tennant will post 6.48 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Friday, November 29th. Tennant’s dividend payout ratio is presently 20.81%.

Tennant 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.