Public Sector Pension Investment Board Raises Stock Position in Tennant Company $TNC

Public Sector Pension Investment Board lifted its stake in shares of Tennant Company (NYSE:TNC) by 13.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,069 shares of the industrial products company’s stock after buying an additional 8,446 shares during the quarter. Public Sector Pension Investment Board owned about 0.39% of Tennant worth $5,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TNC. Savant Capital LLC grew its stake in Tennant by 30.9% in the third quarter. Savant Capital LLC now owns 3,859 shares of the industrial products company’s stock worth $313,000 after purchasing an additional 911 shares during the period. AlphaQuest LLC increased its stake in shares of Tennant by 108.8% in the 3rd quarter. AlphaQuest LLC now owns 4,520 shares of the industrial products company’s stock worth $366,000 after acquiring an additional 2,355 shares in the last quarter. Federated Hermes Inc. lifted its position in Tennant by 3.4% during the 3rd quarter. Federated Hermes Inc. now owns 10,062 shares of the industrial products company’s stock valued at $816,000 after acquiring an additional 332 shares during the period. Whittier Trust Co. purchased a new position in Tennant during the 3rd quarter valued at about $74,000. Finally, Lightrock Netherlands B.V. boosted its stake in Tennant by 4.0% during the third quarter. Lightrock Netherlands B.V. now owns 138,526 shares of the industrial products company’s stock worth $11,229,000 after acquiring an additional 5,350 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on TNC. Weiss Ratings reiterated a “hold (c)” rating on shares of Tennant in a research note on Monday, December 29th. Roth Mkm began coverage on shares of Tennant in a research report on Friday, October 24th. They set a “buy” rating and a $102.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.00.

Tennant Stock Up 0.5%

TNC stock opened at $83.41 on Thursday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 1.56 and a beta of 1.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.39 and a current ratio of 2.13. The business’s 50-day moving average is $77.84 and its two-hundred day moving average is $78.59. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $90.44.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, February 27th. Tennant’s dividend payout ratio is 42.47%.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.