Tennant (NYSE:TNC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Tennant (NYSE:TNC) by 4.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,802 shares of the industrial products company’s stock after selling 4,090 shares during the period. Principal Financial Group Inc.’s holdings in Tennant were worth $9,393,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in TNC. Arizona State Retirement System lifted its position in shares of Tennant by 3.6% in the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after acquiring an additional 176 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Tennant by 1.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock worth $1,698,000 after buying an additional 186 shares in the last quarter. Swiss National Bank grew its holdings in shares of Tennant by 0.6% during the first quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock worth $4,256,000 after buying an additional 200 shares in the last quarter. Tidal Investments LLC raised its position in shares of Tennant by 10.0% in the first quarter. Tidal Investments LLC now owns 2,379 shares of the industrial products company’s stock valued at $289,000 after buying an additional 216 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in shares of Tennant by 0.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock valued at $4,848,000 after buying an additional 239 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Performance

Tennant stock opened at $86.15 on Tuesday. The stock has a fifty day moving average price of $91.58 and a 200 day moving average price of $97.25. Tennant has a 52 week low of $82.54 and a 52 week high of $124.11. The firm has a market capitalization of $1.63 billion, a P/E ratio of 15.21 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The company had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. During the same period in the prior year, the company earned $1.34 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Friday, November 29th. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is 19.75%.

Tennant Company 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.