Tennant (NYSE:TNC) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC decreased its stake in shares of Tennant (NYSE:TNC) by 27.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 130,215 shares of the industrial products company’s stock after selling 48,482 shares during the period. Nuveen Asset Management LLC owned 0.69% of Tennant worth $10,616,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in TNC. Barclays PLC grew its position in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after acquiring an additional 27,712 shares during the period. SG Americas Securities LLC acquired a new position in shares of Tennant during the fourth quarter worth $246,000. KBC Group NV boosted its stake in shares of Tennant by 69.5% in the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 394 shares during the period. R Squared Ltd purchased a new position in shares of Tennant in the fourth quarter valued at $92,000. Finally, Harvey Investment Co. LLC purchased a new stake in Tennant during the 4th quarter worth $493,000. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of NYSE:TNC opened at $74.85 on Wednesday. The firm’s 50 day moving average is $74.11 and its two-hundred day moving average is $81.28. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.40 billion, a P/E ratio of 17.09 and a beta of 1.07. Tennant has a 52 week low of $67.32 and a 52 week high of $110.45.

Tennant (NYSE:TNC) last released its 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). The company had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.49 EPS. Analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.58%. The ex-dividend date is Friday, May 30th. Tennant’s dividend payout ratio is presently 32.96%.

Tennant announced that its board has initiated a share buyback plan on Thursday, February 13th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

Insider Transactions at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by insiders.

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.