Public Sector Pension Investment Board Grows Stake in Tennant Company $TNC

Public Sector Pension Investment Board increased its position in Tennant Company (NYSE:TNC - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,806 shares of the industrial products company's stock after acquiring an additional 12,773 shares during the period. Public Sector Pension Investment Board owned approximately 0.32% of Tennant worth $4,770,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TNC. Millennium Management LLC grew its holdings in shares of Tennant by 143.6% in the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after acquiring an additional 272,858 shares during the period. Nuveen LLC acquired a new stake in Tennant during the 1st quarter valued at $10,328,000. Deprince Race & Zollo Inc. acquired a new stake in Tennant during the 4th quarter valued at $10,390,000. Vision One Management Partners LP acquired a new stake in Tennant during the 4th quarter valued at $9,262,000. Finally, Voloridge Investment Management LLC grew its holdings in Tennant by 150.0% during the 4th quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company's stock valued at $12,267,000 after buying an additional 90,273 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Trading Up 4.3%

Shares of Tennant stock traded up $3.4580 during trading hours on Friday, reaching $84.1880. 15,670 shares of the company's stock were exchanged, compared to its average volume of 152,840. Tennant Company has a 52-week low of $67.32 and a 52-week high of $98.52. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 1.77 and a beta of 1.06. The company has a fifty day moving average of $80.45 and a 200-day moving average of $78.97. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.14). The firm had revenue of $318.60 million during the quarter, compared to analysts' expectations of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The company's quarterly revenue was down 3.7% compared to the same quarter last year. During the same period last year, the business posted $1.83 earnings per share. Sell-side analysts forecast that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Tennant's dividend payout ratio (DPR) is 36.76%.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Tennant to a "hold" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Tennant has an average rating of "Moderate Buy" and a consensus target price of $125.00.

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.