VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Tennant Company $TNC

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Tennant Company (NYSE:TNC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,182 shares of the industrial products company’s stock, valued at approximately $634,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TNC. GAMMA Investing LLC boosted its holdings in Tennant by 429.0% in the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 399 shares during the period. Principal Financial Group Inc. boosted its holdings in Tennant by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 104,690 shares of the industrial products company’s stock valued at $8,349,000 after purchasing an additional 3,370 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Tennant by 68.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 52,244 shares of the industrial products company’s stock valued at $4,195,000 after purchasing an additional 21,164 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Tennant by 25.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company’s stock valued at $307,000 after purchasing an additional 789 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Tennant in the 1st quarter valued at about $763,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Price Performance

TNC stock opened at $81.78 on Friday. The company has a 50 day simple moving average of $81.39 and a 200 day simple moving average of $78.22. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 25.48, a P/E/G ratio of 1.76 and a beta of 1.06. Tennant Company has a 1 year low of $67.32 and a 1 year high of $94.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38.

Tennant (NYSE:TNC) last released its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.14). The company had revenue of $318.60 million for the quarter, compared to analyst estimates of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.Tennant’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 earnings per share. Research analysts anticipate that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, August 29th. Tennant’s dividend payout ratio is currently 36.76%.

Analyst Ratings Changes

TNC has been the subject of a number of recent research reports. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Roth Capital initiated coverage on shares of Tennant in a report on Friday. They issued a “buy” rating and a $102.00 price objective for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a report on Tuesday, October 14th. Finally, Zacks Research raised shares of Tennant to a “hold” rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Tennant presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.50.

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.