Cornercap Investment Counsel Inc. Sells 5,616 Shares of Tennant (NYSE:TNC)

Cornercap Investment Counsel Inc. trimmed its holdings in Tennant (NYSE:TNC) by 52.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,098 shares of the industrial products company’s stock after selling 5,616 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Tennant were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System raised its holdings in shares of Tennant by 3.6% in the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after purchasing an additional 176 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Tennant by 1.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock valued at $1,698,000 after acquiring an additional 186 shares during the period. Swiss National Bank boosted its position in shares of Tennant by 0.6% in the first quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock valued at $4,256,000 after acquiring an additional 200 shares during the period. Tidal Investments LLC boosted its position in shares of Tennant by 10.0% in the first quarter. Tidal Investments LLC now owns 2,379 shares of the industrial products company’s stock valued at $289,000 after acquiring an additional 216 shares during the period. Finally, Dorsey & Whitney Trust CO LLC lifted its position in Tennant by 0.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock valued at $4,848,000 after purchasing an additional 239 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Tennant Trading Down 1.1 %

Shares of TNC opened at $86.23 on Friday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 15.21 and a beta of 1.00. 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 has a fifty-two week low of $82.54 and a fifty-two week high of $124.11. The firm has a 50 day moving average price of $91.58 and a 200-day moving average price of $97.50.

Tennant (NYSE:TNC) last issued its quarterly earnings data 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 for 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%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.34 earnings per share. As a group, equities research analysts forecast that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The company 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 $0.295 dividend. This is a boost from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.37%. Tennant’s payout ratio is presently 19.75%.

Tennant Company 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.