Allspring Global Investments Holdings LLC Purchases 33,552 Shares of Tennant (NYSE:TNC)

Allspring Global Investments Holdings LLC lifted its position in shares of Tennant (NYSE:TNC) by 930.2% during the fourth quarter, Holdings Channel reports. The firm owned 37,159 shares of the industrial products company’s stock after acquiring an additional 33,552 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tennant were worth $3,444,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in TNC. Point72 Asset Management L.P. raised its position in Tennant by 333.0% in the second quarter. Point72 Asset Management L.P. now owns 433 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 333 shares during the period. Advisor Group Holdings Inc. raised its position in Tennant by 181.6% in the fourth quarter. Advisor Group Holdings Inc. now owns 780 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 503 shares during the period. Acadian Asset Management LLC bought a new stake in Tennant in the first quarter worth about $53,000. Creative Financial Designs Inc. ADV raised its position in Tennant by 142.4% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 652 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 383 shares during the period. Finally, Captrust Financial Advisors raised its position in Tennant by 15.5% in the second quarter. Captrust Financial Advisors now owns 1,090 shares of the industrial products company’s stock worth $65,000 after acquiring an additional 146 shares during the period. 93.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, CL King began coverage on shares of Tennant in a research report on Thursday, December 28th. They issued a “buy” rating and a $112.00 price objective on the stock.

Insider Transactions at Tennant

In related news, Director Carol S. Eicher sold 2,298 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total transaction of $267,602.10. Following the completion of the transaction, the director now owns 25,540 shares of the company’s stock, valued at $2,974,133. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Kristin A. Erickson sold 556 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the transaction, the senior vice president now owns 10,698 shares of the company’s stock, valued at $1,176,780. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Carol S. Eicher sold 2,298 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total transaction of $267,602.10. Following the transaction, the director now directly owns 25,540 shares of the company’s stock, valued at approximately $2,974,133. The disclosure for this sale can be found here. Insiders sold 17,597 shares of company stock worth $1,953,293 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Tennant Price Performance

TNC opened at $114.90 on Friday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 19.71 and a beta of 1.10. The company has a quick ratio of 1.44, a current ratio of 2.08 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $113.23 and a 200-day moving average price of $95.64. Tennant has a twelve month low of $64.88 and a twelve month high of $124.11.

Tennant (NYSE:TNC) last posted its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.65. The firm had revenue of $311.40 million during the quarter, compared to the consensus estimate of $309.87 million. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the company earned $1.46 earnings per share. Equities analysts expect that Tennant will post 6.44 EPS for the current year.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 0.97%. Tennant’s payout ratio is 19.21%.

About Tennant

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.