Xact Kapitalforvaltning AB Purchases New Stake in Tennant (NYSE:TNC)
Xact Kapitalforvaltning AB purchased a new stake in shares of Tennant (NYSE:TNC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,665 shares of the industrial products company’s stock, valued at approximately $228,000.
Other hedge funds have also recently modified their holdings of the company. Quantamental Technologies LLC increased its position in shares of Tennant by 79.9% during the 1st quarter. Quantamental Technologies LLC now owns 894 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 397 shares during the period. Actinver Wealth Management Inc. acquired a new position in shares of Tennant during the 4th quarter valued at $216,000. Nisa Investment Advisors LLC increased its position in shares of Tennant by 2,818.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,210 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 3,100 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Tennant by 578.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,128 shares of the industrial products company’s stock valued at $256,000 after purchasing an additional 3,520 shares during the period. Finally, Piedmont Investment Advisors Inc. increased its position in shares of Tennant by 5.9% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 4,562 shares of the industrial products company’s stock valued at $283,000 after purchasing an additional 253 shares during the period. Institutional investors own 84.41% of the company’s stock.
Shares of NYSE TNC opened at $59.79 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.10 and a current ratio of 1.69. The firm has a market capitalization of $1.09 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.44 and a beta of 1.20. Tennant has a 52-week low of $48.97 and a 52-week high of $86.03.
The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, May 30th. Tennant’s payout ratio is 40.37%.
Separately, Zacks Investment Research cut Tennant from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th.
In related news, Director Steven Alan Sonnenberg sold 2,256 shares of Tennant stock in a transaction on Friday, May 10th. The stock was sold at an average price of $65.31, for a total value of $147,339.36. Following the transaction, the director now directly owns 18,827 shares in the company, valued at approximately $1,229,591.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carol S. Eicher sold 1,335 shares of Tennant stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $58.97, for a total value of $78,724.95. Following the completion of the transaction, the director now owns 16,020 shares in the company, valued at $944,699.40. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.
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Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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