Tennant (NYSE:TNC) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its stake in Tennant (NYSE:TNC) by 11.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,014 shares of the industrial products company’s stock after selling 8,570 shares during the period. Ameriprise Financial Inc. owned 0.37% of Tennant worth $5,627,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Amundi raised its position in Tennant by 190.4% in the 4th quarter. Amundi now owns 9,666 shares of the industrial products company’s stock valued at $773,000 after purchasing an additional 6,338 shares during the last quarter. Barclays PLC increased its holdings in shares of Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after purchasing an additional 27,712 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after purchasing an additional 12,422 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Tennant in the 4th quarter valued at about $726,000. Finally, Principal Financial Group Inc. grew its stake in Tennant by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company’s stock valued at $8,261,000 after acquiring an additional 3,518 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

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

Tennant Price Performance

TNC opened at $72.72 on Friday. The company’s 50 day simple moving average is $74.78 and its 200 day simple moving average is $81.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The stock has a market capitalization of $1.36 billion, a PE ratio of 16.60 and a beta of 1.07.

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

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Friday, May 30th. Tennant’s payout ratio is 32.96%.

Tennant declared that its Board of Directors has initiated a stock buyback program on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This trade represents a 12.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

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.