Tennant (NYSE:TNC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in Tennant (NYSE:TNC) by 24.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 62,535 shares of the industrial products company’s stock after selling 19,706 shares during the quarter. Bank of America Corp DE’s holdings in Tennant were worth $5,098,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Amundi grew its stake in shares of Tennant by 190.4% in the fourth quarter. Amundi now owns 9,666 shares of the industrial products company’s stock worth $773,000 after acquiring an additional 6,338 shares in the last quarter. Barclays PLC grew its stake in shares of Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after purchasing an additional 27,712 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Tennant by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock worth $195,205,000 after purchasing an additional 12,422 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Tennant during the fourth quarter worth $726,000. Finally, Principal Financial Group Inc. grew its stake in shares of Tennant by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company’s stock worth $8,261,000 after purchasing an additional 3,518 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Insider Activity at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the sale, the senior vice president now directly owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Tennant Price Performance

Shares of TNC opened at $74.85 on Wednesday. Tennant has a 1-year low of $67.32 and a 1-year high of $110.45. The stock has a market cap of $1.40 billion, a PE ratio of 17.09 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The firm has a fifty day moving average price of $74.11 and a 200 day moving average price of $81.28.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.26). Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $290.00 million during the quarter, compared to analysts’ expectations of $296.63 million. During the same period last year, the firm earned $1.49 earnings per share. Tennant’s revenue was down 6.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Tennant will post 5.89 EPS for the current year.

Tennant announced that its Board of Directors has approved a share repurchase plan on Thursday, February 13th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a yield of 1.58%. Tennant’s dividend payout ratio (DPR) is presently 32.96%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

Tennant 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.