Arizona State Retirement System Raises Stock Holdings in Tennant (NYSE:TNC)

Arizona State Retirement System increased its position in Tennant (NYSE:TNC) by 3.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,053 shares of the industrial products company’s stock after buying an additional 176 shares during the quarter. Arizona State Retirement System’s holdings in Tennant were worth $497,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in TNC. Norges Bank bought a new stake in Tennant in the fourth quarter valued at $12,193,000. Assenagon Asset Management S.A. boosted its holdings in shares of Tennant by 577.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock valued at $12,623,000 after buying an additional 109,298 shares in the last quarter. Jacobson & Schmitt Advisors LLC bought a new stake in shares of Tennant during the 1st quarter valued at $12,380,000. Allianz Asset Management GmbH bought a new stake in shares of Tennant during the 4th quarter valued at $4,930,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Tennant by 174.1% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,700 shares of the industrial products company’s stock valued at $8,598,000 after buying an additional 44,907 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 5th.

Tennant Trading Up 0.5 %

Shares of NYSE:TNC opened at $92.93 on Tuesday. The stock has a 50 day moving average of $98.14 and a 200 day moving average of $104.97. The company has a market cap of $1.77 billion, a PE ratio of 15.44 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. Tennant has a 12-month low of $72.81 and a 12-month high of $124.11.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.11. The business had revenue of $331.00 million during the quarter, compared to the consensus estimate of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.86 EPS. As a group, equities research analysts expect that Tennant will post 6.48 EPS for the current year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.28 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 1.21%. Tennant’s dividend payout ratio is presently 18.60%.

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.