Norges Bank Invests $12.19 Million in Tennant (NYSE:TNC)

Norges Bank acquired a new position in Tennant (NYSE:TNCFree Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 131,543 shares of the industrial products company’s stock, valued at approximately $12,193,000. Norges Bank owned approximately 0.70% of Tennant as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of TNC. Janney Capital Management LLC bought a new position in shares of Tennant during the 4th quarter valued at approximately $309,000. Dimensional Fund Advisors LP lifted its position in shares of Tennant by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock valued at $56,729,000 after buying an additional 14,008 shares during the last quarter. Jump Financial LLC grew its stake in shares of Tennant by 55.2% during the 4th quarter. Jump Financial LLC now owns 20,909 shares of the industrial products company’s stock worth $1,938,000 after acquiring an additional 7,434 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Tennant by 62.4% during the 4th quarter. BNP Paribas Financial Markets now owns 49,948 shares of the industrial products company’s stock worth $4,630,000 after acquiring an additional 19,188 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Tennant by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 231,059 shares of the industrial products company’s stock worth $21,417,000 after acquiring an additional 4,102 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Tennant Trading Up 1.5 %

Shares of TNC stock opened at $101.88 on Wednesday. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.92 and a beta of 1.03. The company’s fifty day simple moving average is $111.81 and its two-hundred day simple moving average is $102.33. Tennant has a 1 year low of $72.81 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.15 and a quick ratio of 1.46.

Tennant (NYSE:TNCGet Free Report) last released its quarterly earnings data on Friday, May 3rd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.36. Tennant had a return on equity of 23.16% and a net margin of 9.10%. The company had revenue of $311.00 million for the quarter, compared to analyst estimates of $314.10 million. As a group, analysts anticipate that Tennant will post 6.56 earnings per share for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 1.10%. Tennant’s dividend payout ratio is currently 18.60%.

Insider Buying and Selling

In other news, SVP Kristin A. Erickson sold 556 shares of the company’s 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 transaction, the senior vice president now owns 10,698 shares of the company’s stock, valued at $1,176,780. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Tennant from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 15th.

View Our Latest Research Report on Tennant

Tennant Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Tennant (NYSE:TNC)

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