Louisiana State Employees Retirement System Acquires New Position in Tennant (NYSE:TNC)

Louisiana State Employees Retirement System acquired a new stake in shares of Tennant (NYSE:TNC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 9,300 shares of the industrial products company’s stock, valued at approximately $862,000.

A number of other hedge funds also recently made changes to their positions in the stock. Assenagon Asset Management S.A. bought a new position in Tennant in the 3rd quarter worth approximately $22,613,000. Invesco Ltd. boosted its stake in Tennant by 57.8% in the 3rd quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company’s stock worth $8,582,000 after purchasing an additional 42,407 shares during the period. Tudor Investment Corp Et Al boosted its stake in Tennant by 539.4% in the 3rd quarter. Tudor Investment Corp Et Al now owns 46,734 shares of the industrial products company’s stock worth $3,465,000 after purchasing an additional 39,425 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Tennant by 930.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 37,159 shares of the industrial products company’s stock worth $3,444,000 after purchasing an additional 33,552 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in Tennant by 174.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 51,153 shares of the industrial products company’s stock worth $3,793,000 after purchasing an additional 32,483 shares during the period. 93.33% of the stock is currently owned by institutional investors.

Insider Transactions at Tennant

In other news, SVP Kristin A. Erickson sold 556 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $110.00, for a total transaction of $61,160.00. Following the sale, the senior vice president now directly owns 10,698 shares of the company’s stock, valued at approximately $1,176,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Carol S. Eicher sold 2,298 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total transaction of $267,602.10. Following the sale, the director now owns 25,540 shares in the company, valued at approximately $2,974,133. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kristin A. Erickson sold 556 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $110.00, for a total value of $61,160.00. Following the sale, the senior vice president now owns 10,698 shares in the company, valued at approximately $1,176,780. The disclosure for this sale can be found here. Insiders have sold 17,597 shares of company stock valued at $1,953,293 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Tennant Trading Up 0.1 %

TNC stock opened at $115.63 on Friday. Tennant has a 1-year low of $65.42 and a 1-year high of $124.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.08 and a quick ratio of 1.44. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.83 and a beta of 1.10. The business has a 50 day simple moving average of $114.90 and a two-hundred day simple moving average of $96.91.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.65. The business had revenue of $311.40 million for the quarter, compared to analysts’ expectations of $309.87 million. Tennant had a return on equity of 23.07% and a net margin of 8.81%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. Research analysts anticipate that Tennant will post 6.44 EPS for the current fiscal year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 0.97%. Tennant’s dividend payout ratio (DPR) is 19.21%.

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.