Van ECK Associates Corp Trims Stake in Tennant (NYSE:TNC)

Van ECK Associates Corp reduced its position in Tennant (NYSE:TNC) by 18.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,137 shares of the industrial products company’s stock after selling 6,752 shares during the quarter. Van ECK Associates Corp owned 0.16% of Tennant worth $2,701,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TNC. Creative Financial Designs Inc. ADV grew its stake in Tennant by 142.4% in the 4th 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 in the last quarter. Mackenzie Financial Corp bought a new position in Tennant in the 4th quarter worth about $231,000. Daiwa Securities Group Inc. grew its stake in Tennant by 118.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,629 shares of the industrial products company’s stock worth $195,000 after acquiring an additional 1,423 shares in the last quarter. Sherbrooke Park Advisers LLC bought a new position in Tennant in the 3rd quarter worth about $200,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Tennant in the 3rd quarter worth about $234,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

Tennant Price Performance

NYSE TNC opened at $107.09 on Wednesday. The company has a market cap of $2.04 billion, a PE ratio of 17.79 and a beta of 1.10. The firm’s 50 day moving average price is $115.82 and its 200-day moving average price is $99.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15. Tennant has a 52-week low of $72.60 and a 52-week high of $124.11.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, February 22nd. The industrial products company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.65. The company had revenue of $311.40 million during the quarter, compared to the consensus estimate of $309.87 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. Tennant’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Sell-side analysts forecast that Tennant will post 6.44 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Friday, May 31st. Tennant’s dividend payout ratio (DPR) is 18.60%.

Insider Buying and Selling

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 value 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Richard H. Zay sold 14,743 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Carol S. Eicher sold 2,298 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total value of $267,602.10. Following the transaction, the director now directly owns 25,540 shares in the company, valued at $2,974,133. The disclosure for this sale can be found here. Insiders sold 17,597 shares of company stock valued at $1,953,293 over the last 90 days. Corporate 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.