State of Alaska Department of Revenue lifted its position in shares of Tennant (NYSE:TNC) by 126.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 13,990 shares of the industrial products company’s stock after purchasing an additional 7,807 shares during the quarter. State of Alaska Department of Revenue owned about 0.08% of Tennant worth $989,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of TNC. Tower Research Capital LLC TRC grew its holdings in shares of Tennant by 237.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 674 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 474 shares during the period. Royal Bank of Canada grew its holdings in shares of Tennant by 264.7% during the 2nd quarter. Royal Bank of Canada now owns 755 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 548 shares during the period. Bessemer Group Inc. purchased a new stake in shares of Tennant during the 2nd quarter worth about $49,000. Russell Investments Group Ltd. purchased a new position in Tennant in the 2nd quarter worth approximately $71,000. Finally, Marshall Wace North America L.P. purchased a new position in Tennant in the 1st quarter worth approximately $85,000. Institutional investors and hedge funds own 83.41% of the company’s stock.
A number of equities analysts have weighed in on TNC shares. TheStreet upgraded Tennant from a “c+” rating to a “b” rating in a report on Wednesday, July 31st. ValuEngine cut Tennant from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th.
Tennant (NYSE:TNC) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.34. The firm had revenue of $299.70 million during the quarter, compared to analysts’ expectations of $301.00 million. Tennant had a return on equity of 15.61% and a net margin of 3.35%. Tennant’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 EPS. As a group, sell-side analysts expect that Tennant will post 2.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date was Thursday, August 29th. Tennant’s dividend payout ratio is presently 40.37%.
In other Tennant news, CEO Chris Killingstad sold 9,043 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $68.96, for a total value of $623,605.28. Following the completion of the transaction, the chief executive officer now owns 164,208 shares in the company, valued at approximately $11,323,783.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Richard H. Zay sold 4,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $72.49, for a total value of $289,960.00. Following the transaction, the senior vice president now owns 27,184 shares of the company’s stock, valued at $1,970,568.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,074 shares of company stock valued at $3,635,040. 5.60% of the stock is owned by company insiders.
Tennant Company Profile
Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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