Bank of America Corp DE Has $3.32 Million Stake in Tennant Company (TNC)
Bank of America Corp DE raised its position in Tennant Company (NYSE:TNC) by 43.7% during the first quarter, Holdings Channel reports. The fund owned 45,742 shares of the industrial products company’s stock after buying an additional 13,908 shares during the period. Bank of America Corp DE’s holdings in Tennant were worth $3,322,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Tennant during the fourth quarter worth approximately $2,287,000. Teachers Advisors LLC boosted its position in shares of Tennant by 27.4% in the fourth quarter. Teachers Advisors LLC now owns 38,516 shares of the industrial products company’s stock worth $2,742,000 after buying an additional 8,282 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Tennant by 1.4% in the first quarter. Louisiana State Employees Retirement System now owns 7,200 shares of the industrial products company’s stock worth $523,000 after buying an additional 100 shares during the last quarter. SFE Investment Counsel boosted its position in shares of Tennant by 1.4% in the first quarter. SFE Investment Counsel now owns 38,091 shares of the industrial products company’s stock worth $2,767,000 after buying an additional 521 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Tennant by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 1,950 shares of the industrial products company’s stock worth $141,000 after buying an additional 50 shares during the last quarter. Institutional investors own 89.16% of the company’s stock.
Shares of Tennant Company (NYSE TNC) traded up 0.84% during trading on Friday, reaching $66.25. 107,642 shares of the company were exchanged. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 58.22 and a beta of 1.07. Tennant Company has a 1-year low of $60.21 and a 1-year high of $76.80. The stock’s 50 day moving average is $74.42 and its 200 day moving average is $72.08.
Tennant (NYSE:TNC) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.79 by $0.19. The business had revenue of $270.79 million for the quarter, compared to analysts’ expectations of $268.32 million. Tennant had a net margin of 2.32% and a return on equity of 15.39%. Tennant’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. Equities analysts anticipate that Tennant Company will post $2.25 earnings per share for the current year.
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A number of equities analysts recently commented on TNC shares. Zacks Investment Research upgraded shares of Tennant from a “sell” rating to a “hold” rating in a research report on Thursday, April 27th. BidaskClub upgraded shares of Tennant from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th.
In related news, CFO Thomas Paulson sold 7,500 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $73.95, for a total transaction of $554,625.00. Following the sale, the chief financial officer now owns 31,755 shares of the company’s stock, valued at $2,348,282.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Richard H. Zay sold 1,280 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $73.00, for a total transaction of $93,440.00. Following the sale, the senior vice president now directly owns 15,423 shares in the company, valued at approximately $1,125,879. The disclosure for this sale can be found here. 5.70% of the stock is owned by corporate insiders.
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.
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