Principal Financial Group Inc. Trims Stake in Tennant (TNC)
Principal Financial Group Inc. trimmed its stake in shares of Tennant (NYSE:TNC) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 134,416 shares of the industrial products company’s stock after selling 1,018 shares during the period. Principal Financial Group Inc. owned approximately 0.75% of Tennant worth $8,898,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in TNC. Louisiana State Employees Retirement System lifted its holdings in Tennant by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 7,300 shares of the industrial products company’s stock valued at $539,000 after buying an additional 100 shares during the period. Aperio Group LLC lifted its holdings in Tennant by 14.2% in the second quarter. Aperio Group LLC now owns 10,339 shares of the industrial products company’s stock valued at $763,000 after buying an additional 1,283 shares during the period. Russell Investments Group Ltd. acquired a new position in Tennant in the second quarter valued at approximately $369,000. Municipal Employees Retirement System of Michigan lifted its holdings in Tennant by 31.0% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,240 shares of the industrial products company’s stock valued at $386,000 after buying an additional 1,240 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in Tennant by 10.2% in the second quarter. Great West Life Assurance Co. Can now owns 26,717 shares of the industrial products company’s stock valued at $1,970,000 after buying an additional 2,472 shares during the period. Institutional investors own 91.61% of the company’s stock.
Shares of Tennant (NYSE TNC) traded down $0.10 during trading hours on Wednesday, reaching $64.25. 58,000 shares of the company’s stock traded hands, compared to its average volume of 80,710. Tennant has a 1 year low of $60.05 and a 1 year high of $76.80. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.09 and a quick ratio of 1.39. The company has a market capitalization of $1,150.00, a P/E ratio of 30.94, a PEG ratio of 3.45 and a beta of 1.03.
Tennant (NYSE:TNC) last issued its earnings results on Thursday, November 2nd. The industrial products company reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.29). Tennant had a net margin of 1.32% and a return on equity of 13.07%. The firm had revenue of $261.92 million during the quarter, compared to the consensus estimate of $252.13 million. During the same period in the previous year, the company posted $0.64 EPS. The firm’s revenue for the quarter was up 30.9% on a year-over-year basis. equities analysts forecast that Tennant will post 1.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.31%. The ex-dividend date is Wednesday, November 29th. Tennant’s payout ratio is presently 123.53%.
Several equities analysts recently weighed in on the stock. Dougherty & Co restated a “neutral” rating on shares of Tennant in a report on Sunday, November 12th. TheStreet lowered shares of Tennant from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. BidaskClub lowered shares of Tennant from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded shares of Tennant from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $65.00.
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Tennant Company Profile
Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.
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