Wells Fargo & Company MN Buys 6,683 Shares of Tennant (NYSE:TNC)

Wells Fargo & Company MN boosted its stake in Tennant (NYSE:TNC) by 85.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,502 shares of the industrial products company’s stock after purchasing an additional 6,683 shares during the period. Wells Fargo & Company MN owned approximately 0.08% of Tennant worth $1,182,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Albert D Mason Inc. grew its position in Tennant by 1.5% in the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 145 shares during the period. Franklin Resources Inc. increased its stake in shares of Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock worth $1,213,000 after purchasing an additional 169 shares in the last quarter. US Bancorp DE increased its stake in shares of Tennant by 0.8% in the 4th quarter. US Bancorp DE now owns 29,028 shares of the industrial products company’s stock worth $2,367,000 after purchasing an additional 224 shares in the last quarter. KBC Group NV increased its stake in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 394 shares in the last quarter. Finally, Inspire Investing LLC increased its stake in shares of Tennant by 13.4% in the 4th quarter. Inspire Investing LLC now owns 4,984 shares of the industrial products company’s stock worth $406,000 after purchasing an additional 589 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now directly owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

Tennant Trading Up 0.6 %

NYSE:TNC opened at $72.74 on Tuesday. 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 market capitalization of $1.37 billion, a price-to-earnings ratio of 16.61 and a beta of 0.97. Tennant has a one year low of $67.57 and a one year high of $117.48. The business has a fifty day moving average price of $78.86 and a 200-day moving average price of $83.69.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. Sell-side analysts forecast that Tennant will post 5.89 EPS for the current year.

Tennant declared that its board has approved a stock repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

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.