Thrivent Financial for Lutherans Increases Stake in Tennant (NYSE:TNC)

Thrivent Financial for Lutherans increased its holdings in shares of Tennant (NYSE:TNC) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 684,156 shares of the industrial products company’s stock after purchasing an additional 3,164 shares during the period. Thrivent Financial for Lutherans’ holdings in Tennant were worth $65,707,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TNC. Vanguard Group Inc. grew its holdings in Tennant by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after acquiring an additional 40,711 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Tennant by 98.0% in the 2nd quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock valued at $2,194,000 after buying an additional 11,034 shares in the last quarter. TD Asset Management Inc boosted its holdings in shares of Tennant by 129.3% in the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock valued at $1,309,000 after buying an additional 7,500 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in shares of Tennant in the 2nd quarter valued at $1,055,000. Finally, Sei Investments Co. boosted its holdings in shares of Tennant by 100.8% in the 1st quarter. Sei Investments Co. now owns 41,124 shares of the industrial products company’s stock valued at $5,001,000 after buying an additional 20,639 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Tennant Trading Down 0.1 %

Shares of Tennant stock opened at $86.15 on Tuesday. The company has a fifty day simple moving average of $91.58 and a 200-day simple moving average of $97.25. Tennant has a 12-month low of $82.54 and a 12-month high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 15.19 and a beta of 1.00.

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

Tennant Increases Dividend

The firm also recently declared 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. The ex-dividend date is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.37%. This is a boost from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is currently 19.75%.

About Tennant

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.