Tennant (NYSE:TNC) Stake Increased by Texas Permanent School Fund

Texas Permanent School Fund grew its holdings in Tennant (NYSE:TNCGet Rating) by 2.2% in the second quarter, Holdings Channel.com reports. The firm owned 13,429 shares of the industrial products company’s stock after purchasing an additional 288 shares during the period. Texas Permanent School Fund’s holdings in Tennant were worth $796,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TNC. First Horizon Advisors Inc. raised its holdings in shares of Tennant by 45.7% during the second quarter. First Horizon Advisors Inc. now owns 721 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 226 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Tennant by 6.3% during the first quarter. Teacher Retirement System of Texas now owns 3,841 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 228 shares in the last quarter. SFE Investment Counsel raised its holdings in shares of Tennant by 1.5% during the first quarter. SFE Investment Counsel now owns 21,402 shares of the industrial products company’s stock worth $1,686,000 after acquiring an additional 322 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Tennant by 1.1% during the first quarter. Van ECK Associates Corp now owns 29,698 shares of the industrial products company’s stock worth $2,340,000 after acquiring an additional 337 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Tennant by 1.8% during the second quarter. SG Americas Securities LLC now owns 23,183 shares of the industrial products company’s stock worth $1,374,000 after acquiring an additional 407 shares in the last quarter. Hedge funds and other institutional investors own 88.91% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TNC. StockNews.com began coverage on Tennant in a report on Wednesday, October 12th. They set a “buy” rating for the company. EF Hutton Acquisition Co. I assumed coverage on shares of Tennant in a research report on Wednesday, September 14th. They set a “buy” rating and a $96.00 target price on the stock.

Insiders Place Their Bets

In other Tennant news, Director Steven Alan Sonnenberg sold 2,320 shares of the stock in a transaction on Friday, November 11th. The shares were sold at an average price of $46.59, for a total transaction of $108,088.80. Following the transaction, the director now directly owns 21,547 shares of the company’s stock, valued at $1,003,874.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.50% of the company’s stock.

Tennant Trading Up 0.5 %

Tennant stock opened at $63.93 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.14 and a quick ratio of 1.32. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 23.77 and a beta of 1.02. Tennant has a one year low of $54.90 and a one year high of $85.33. The company’s fifty day moving average price is $60.11 and its two-hundred day moving average price is $61.38.

Tennant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 1.66%. This is an increase from Tennant’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, November 29th. Tennant’s dividend payout ratio is presently 37.17%.

About Tennant

(Get Rating)

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, specialty surface coatings, and asset management solutions.

Further Reading

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Institutional Ownership by Quarter for Tennant (NYSE:TNC)

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