Tennant (NYSE:TNC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in shares of Tennant (NYSE:TNC) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,802 shares of the industrial products company’s stock after selling 4,090 shares during the period. Principal Financial Group Inc. owned about 0.52% of Tennant worth $9,393,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TNC. Vanguard Group Inc. raised its position in shares of Tennant by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after acquiring an additional 40,711 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Tennant by 82.1% during the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after purchasing an additional 105,319 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Tennant by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock worth $19,037,000 after buying an additional 4,128 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after buying an additional 67,080 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Tennant by 20.3% in the 2nd quarter. Acadian Asset Management LLC now owns 125,782 shares of the industrial products company’s stock valued at $12,377,000 after buying an additional 21,210 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Price Performance

Shares of NYSE:TNC opened at $86.15 on Tuesday. Tennant has a one year low of $82.54 and a one year high of $124.11. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.21 and a beta of 1.00. The company has a 50-day simple moving average of $91.58 and a 200-day simple moving average of $97.25. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The company had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. During the same period in the prior year, the company earned $1.34 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. On average, analysts predict that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.37%. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is presently 19.75%.

Analyst Ratings Changes

Separately, StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st.

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.