Tennant (NYSE:TNC) Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its holdings in shares of Tennant (NYSE:TNC) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 684,156 shares of the industrial products company’s stock after acquiring an additional 3,164 shares during the quarter. Thrivent Financial for Lutherans owned about 3.63% of Tennant worth $65,707,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Swiss National Bank raised its stake in 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 purchasing an additional 200 shares during the period. Sei Investments Co. raised its stake in Tennant by 100.8% during the first quarter. Sei Investments Co. now owns 41,124 shares of the industrial products company’s stock worth $5,001,000 after purchasing an additional 20,639 shares during the period. ProShare Advisors LLC raised its stake in Tennant by 7.4% during the first quarter. ProShare Advisors LLC now owns 3,738 shares of the industrial products company’s stock worth $455,000 after purchasing an additional 258 shares during the period. State Board of Administration of Florida Retirement System raised its stake in Tennant by 16.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 10,733 shares of the industrial products company’s stock worth $1,305,000 after purchasing an additional 1,519 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new position in Tennant during the first quarter worth about $204,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Tennant Price Performance

Tennant stock opened at $86.15 on Tuesday. The company’s 50 day simple moving average is $91.58 and its 200-day simple moving average is $97.25. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.19 and a beta of 1.00. Tennant has a 1 year low of $82.54 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The company had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.50%. Tennant’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $1.34 earnings per share. As a group, equities research analysts expect that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.295 per share. This is an increase from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, November 29th. Tennant’s dividend payout ratio is presently 19.75%.

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.