VIRGINIA RETIREMENT SYSTEMS ET Al Invests $634,000 in Tennant Company $TNC

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tennant Company (NYSE:TNC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,182 shares of the industrial products company’s stock, valued at approximately $634,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Accredited Investors Inc. grew its stake in Tennant by 2.0% during the first quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company’s stock worth $1,085,000 after buying an additional 261 shares during the last quarter. SFE Investment Counsel grew its stake in Tennant by 1.9% during the first quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company’s stock worth $1,388,000 after buying an additional 323 shares during the last quarter. Cresset Asset Management LLC grew its stake in Tennant by 12.1% during the first quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company’s stock worth $269,000 after buying an additional 365 shares during the last quarter. GAMMA Investing LLC grew its stake in Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock worth $39,000 after buying an additional 399 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Tennant by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock worth $899,000 after buying an additional 491 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Trading Up 0.7%

TNC opened at $81.78 on Friday. The firm’s fifty day moving average is $81.39 and its two-hundred day moving average is $78.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09. The firm has a market cap of $1.51 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 1.76 and a beta of 1.06. Tennant Company has a twelve month low of $67.32 and a twelve month high of $94.86.

Tennant (NYSE:TNC) last posted its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.14). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The firm had revenue of $318.60 million during the quarter, compared to analyst estimates of $327.20 million. During the same quarter last year, the business posted $1.83 earnings per share. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. Equities research analysts anticipate that Tennant Company will post 5.89 EPS for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, August 29th. Tennant’s payout ratio is presently 36.76%.

Analysts Set New Price Targets

Several brokerages have weighed in on TNC. Zacks Research raised shares of Tennant to a “hold” rating in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Roth Capital initiated coverage on shares of Tennant in a research note on Friday. They set a “buy” rating and a $102.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a research note on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $113.50.

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.