State Board of Administration of Florida Retirement System Has $931,000 Position in Tennant Company (TNC)

State Board of Administration of Florida Retirement System held its position in shares of Tennant Company (NYSE:TNC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,081 shares of the industrial products company’s stock at the end of the fourth quarter. State Board of Administration of Florida Retirement System owned about 0.07% of Tennant Company worth $931,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TNC. UBS Asset Management Americas Inc. increased its stake in shares of Tennant Company by 4.2% in the third quarter. UBS Asset Management Americas Inc. now owns 8,183 shares of the industrial products company’s stock valued at $530,000 after buying an additional 329 shares in the last quarter. Bank of New York Mellon Corp increased its position in Tennant Company by 2.3% in the third quarter. Bank of New York Mellon Corp now owns 216,311 shares of the industrial products company’s stock worth $14,017,000 after buying an additional 4,901 shares during the period. TD Asset Management Inc. increased its position in Tennant Company by 23.3% in the third quarter. TD Asset Management Inc. now owns 10,591 shares of the industrial products company’s stock worth $686,000 after buying an additional 2,000 shares during the period. Aperio Group LLC increased its position in Tennant Company by 3.7% in the third quarter. Aperio Group LLC now owns 8,816 shares of the industrial products company’s stock worth $571,000 after buying an additional 314 shares during the period. Finally, First Trust Advisors LP increased its position in Tennant Company by 75.5% in the third quarter. First Trust Advisors LP now owns 11,426 shares of the industrial products company’s stock worth $740,000 after buying an additional 4,916 shares during the period. 88.32% of the stock is currently owned by institutional investors and hedge funds.

Tennant Company (NYSE:TNC) traded up 1.59% during trading on Friday, reaching $73.65. 72,668 shares of the company’s stock traded hands. The company has a market cap of $1.30 billion, a P/E ratio of 28.44 and a beta of 1.04. The firm’s 50 day moving average is $71.37 and its 200 day moving average is $69.86. Tennant Company has a 12 month low of $49.97 and a 12 month high of $76.80.

Tennant Company (NYSE:TNC) last announced its quarterly earnings results on Thursday, February 23rd. The industrial products company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. The firm earned $211.70 million during the quarter, compared to analysts’ expectations of $213.61 million. Tennant Company had a net margin of 5.54% and a return on equity of 17.78%. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 earnings per share. Analysts anticipate that Tennant Company will post $2.63 EPS for the current year.

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TNC has been the topic of a number of recent research reports. Jefferies Group LLC raised their target price on shares of Tennant Company from $62.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, March 23rd. Zacks Investment Research cut Tennant Company from a “hold” rating to a “sell” rating in a report on Tuesday, February 28th. Finally, Canaccord Genuity lowered shares of Tennant Company from a “buy” rating to a “hold” rating in a research report on Wednesday, February 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $69.00.

In related news, Director Steven Alan Sonnenberg sold 6,000 shares of Tennant Company stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $72.17, for a total transaction of $433,020.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas Paulson sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $71.71, for a total transaction of $537,825.00. Following the sale, the chief financial officer now directly owns 38,229 shares in the company, valued at $2,741,401.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,290 shares of company stock valued at $1,385,699. 5.60% of the stock is currently owned by corporate insiders.

Tennant Company Company Profile

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.