State of Alaska Department of Revenue Boosts Holdings in Tennant Company $TNC

State of Alaska Department of Revenue raised its holdings in Tennant Company (NYSE:TNC) by 6.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,098 shares of the industrial products company’s stock after buying an additional 640 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Tennant worth $859,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TNC. GAMMA Investing LLC grew its holdings in Tennant by 429.0% in the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock valued at $39,000 after buying an additional 399 shares during the period. Farther Finance Advisors LLC grew its holdings in Tennant by 194.8% in the 1st quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company’s stock valued at $50,000 after buying an additional 409 shares during the period. Banque Transatlantique SA purchased a new stake in shares of Tennant during the 1st quarter worth about $59,000. Alta Fox Capital Management LLC purchased a new stake in shares of Tennant during the 1st quarter worth about $73,000. Finally, CWM LLC grew its holdings in shares of Tennant by 137.0% during the 1st quarter. CWM LLC now owns 1,519 shares of the industrial products company’s stock worth $121,000 after purchasing an additional 878 shares during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

TNC has been the subject of a number of research reports. Wall Street Zen upgraded Tennant from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Tennant in a report on Saturday, September 27th. Finally, Zacks Research upgraded Tennant to a “hold” rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $125.00.

Tennant Stock Performance

Tennant stock opened at $83.78 on Tuesday. The stock has a market cap of $1.55 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 1.80 and a beta of 1.06. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $81.92 and a 200-day moving average of $78.03. Tennant Company has a 52 week low of $67.32 and a 52 week high of $95.29.

Tennant (NYSE:TNC) last released its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.14). The business had revenue of $318.60 million for the quarter, compared to analysts’ expectations of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.83 earnings per share. On average, analysts expect that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, August 29th. Tennant’s dividend payout ratio is 36.76%.

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.