Principal Financial Group Inc. Sells 4,090 Shares of Tennant (NYSE:TNC)

Principal Financial Group Inc. decreased its holdings in Tennant (NYSE:TNC) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TNC. Franklin Resources Inc. boosted its stake in shares of Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock worth $1,213,000 after buying an additional 169 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 255 shares during the period. Geode Capital Management LLC increased its position in shares of Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Barclays PLC raised its position in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after acquiring an additional 27,712 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its holdings in Tennant by 59.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 15,077 shares of the industrial products company’s stock worth $1,448,000 after purchasing an additional 5,636 shares during the period. Institutional investors own 93.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Northcoast Research assumed coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company.

Tennant Trading Up 0.7 %

Shares of NYSE:TNC opened at $81.33 on Tuesday. The stock has a 50 day moving average of $86.55 and a 200 day moving average of $93.23. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 12-month low of $79.25 and a 12-month high of $124.11. The company has a market cap of $1.53 billion, a PE ratio of 14.34 and a beta of 1.00.

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

Tennant Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.45%. Tennant’s dividend payout ratio (DPR) is 20.81%.

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.