Public Sector Pension Investment Board Raises Stake in Tennant Company $TNC

Public Sector Pension Investment Board raised its stake in shares of Tennant Company (NYSE:TNC) by 13.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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’s holdings in Tennant were worth $5,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in TNC. Salomon & Ludwin LLC bought a new stake in Tennant in the 3rd quarter worth approximately $28,000. CoreCap Advisors LLC bought a new position in Tennant during the third quarter valued at $30,000. Whittier Trust Co. purchased a new position in shares of Tennant in the 3rd quarter worth $74,000. State of Wyoming bought a new stake in shares of Tennant in the 2nd quarter worth about $73,000. Finally, BNP Paribas Financial Markets raised its position in shares of Tennant by 25.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company’s stock valued at $150,000 after buying an additional 389 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TNC has been the subject of several analyst reports. Roth Mkm initiated coverage on Tennant in a research note on Friday, October 24th. They issued a “buy” rating and a $102.00 price objective for the company. Weiss Ratings restated a “hold (c)” rating on shares of Tennant in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $102.00.

Tennant Stock Performance

Shares of Tennant stock opened at $83.41 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average price is $77.84 and its 200-day moving average price is $78.59. The firm has a market cap of $1.51 billion, a P/E ratio of 28.57, a P/E/G ratio of 1.56 and a beta of 1.05. Tennant Company has a 12 month low of $67.32 and a 12 month high of $90.44.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, February 27th. Tennant’s dividend payout ratio (DPR) is presently 42.47%.

Tennant Profile

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.