SFE Investment Counsel Cuts Stock Holdings in Tennant (NYSE:TNC)

SFE Investment Counsel decreased its position in shares of Tennant (NYSE:TNC) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,857 shares of the industrial products company’s stock after selling 681 shares during the quarter. SFE Investment Counsel owned 0.11% of Tennant worth $1,933,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its holdings 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 purchasing an additional 333 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings 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 purchasing an additional 383 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Tennant in the first quarter worth approximately $53,000. Advisor Group Holdings Inc. boosted its holdings 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 purchasing an additional 503 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of Tennant by 82.9% during the 1st quarter. Captrust Financial Advisors now owns 944 shares of the industrial products company’s stock worth $74,000 after acquiring an additional 428 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Price Performance

Shares of TNC stock traded down $0.35 on Thursday, hitting $115.31. 30,340 shares of the stock traded hands, compared to its average volume of 137,467. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 19.86 and a beta of 1.10. Tennant has a 52 week low of $64.88 and a 52 week high of $124.11. The firm has a 50 day simple moving average of $112.54 and a two-hundred day simple moving average of $95.08. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.08 and a quick ratio of 1.44.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $309.87 million. During the same period in the previous year, the firm posted $1.46 EPS. Tennant’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, equities research analysts predict that Tennant will post 6.44 earnings per share for the current fiscal year.

Tennant Dividend Announcement

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

Wall Street Analyst Weigh In

Separately, CL King initiated coverage on shares of Tennant in a research note on Thursday, December 28th. They set a “buy” rating and a $112.00 price target on the stock.

Insider Buying and Selling at Tennant

In other news, insider Richard H. Zay sold 14,743 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the completion of the sale, the insider now owns 11,095 shares in the company, valued at approximately $1,222,558.05. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Carol S. Eicher sold 2,298 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total value of $267,602.10. Following the sale, the director now directly owns 25,540 shares of the company’s stock, valued at approximately $2,974,133. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard H. Zay sold 14,743 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the sale, the insider now owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The disclosure for this sale can be found here. Insiders sold a total of 17,597 shares of company stock valued at $1,953,293 in the last three months. Company insiders own 2.40% of the company’s stock.

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.