Tennant Company $TNC Shares Purchased by Teacher Retirement System of Texas

Key Points

• Teacher Retirement System of Texas increased its stake in Tennant by 27.4% in Q4, buying 16,142 shares to hold 75,114 shares worth about $5.54 million, and institutional investors now own roughly 93.33% of the company.
• Company insiders made recent purchases—CEO David W. Huml bought 4,000 shares at $64.39 and Director Donal L. Mulligan bought 3,000 shares at $61.61—bringing insider ownership to about 3.5% and totaling 20,163 shares bought in the last 90 days.
• Analyst views are mixed with a MarketBeat consensus rating of "Hold" and a $91 target, while Tennant trades with a market cap of $1.47 billion and a P/E ratio near 34.8.

Teacher Retirement System of Texas boosted its position in Tennant Company (NYSE:TNC - Free Report) by 27.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,114 shares of the industrial products company's stock after buying an additional 16,142 shares during the quarter. Teacher Retirement System of Texas owned 0.41% of Tennant worth $5,536,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL lifted its holdings in Tennant by 0.3% in the 3rd quarter. Gamco Investors INC. ET AL now owns 499,795 shares of the industrial products company's stock worth $40,513,000 after buying an additional 1,593 shares in the last quarter. American Century Companies Inc. lifted its holdings in Tennant by 26.6% in the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company's stock worth $35,261,000 after buying an additional 91,382 shares in the last quarter. Vision One Management Partners LP lifted its holdings in Tennant by 63.1% in the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company's stock worth $23,212,000 after buying an additional 112,873 shares in the last quarter. First Trust Advisors LP lifted its holdings in Tennant by 6.2% in the 2nd quarter. First Trust Advisors LP now owns 236,633 shares of the industrial products company's stock worth $18,334,000 after buying an additional 13,846 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its holdings in Tennant by 15.9% in the 4th quarter. Deprince Race & Zollo Inc. now owns 156,674 shares of the industrial products company's stock worth $11,547,000 after buying an additional 21,459 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Stock Down 0.0%

Shares of Tennant stock opened at $81.51 on Monday. The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45. The firm has a market cap of $1.47 billion, a P/E ratio of 34.83, a P/E/G ratio of 2.41 and a beta of 0.98. Tennant Company has a fifty-two week low of $60.17 and a fifty-two week high of $85.90. The business has a 50-day moving average price of $70.74 and a 200 day moving average price of $74.61.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 27th. Tennant's payout ratio is currently 52.99%.

Insider Transactions at Tennant

In other news, CEO David W. Huml acquired 4,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was purchased at an average cost of $64.39 per share, with a total value of $257,560.00. Following the completion of the acquisition, the chief executive officer directly owned 67,958 shares in the company, valued at $4,375,815.62. This represents a 6.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Donal L. Mulligan acquired 3,000 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average cost of $61.61 per share, with a total value of $184,830.00. Following the completion of the acquisition, the director owned 8,000 shares of the company's stock, valued at $492,880. The trade was a 60.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 20,163 shares of company stock valued at $1,261,674 over the last 90 days. Corporate insiders own 3.50% of the company's stock.

Analyst Ratings Changes

TNC has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday. Roth Mkm reiterated a "buy" rating and issued a $91.00 price objective (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. Zacks Research downgraded shares of Tennant from a "hold" rating to a "strong sell" rating in a research report on Thursday, February 26th. Wall Street Zen downgraded shares of Tennant from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Freedom Capital cut shares of Tennant from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Tennant presently has a consensus rating of "Hold" and a consensus target price of $91.00.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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