Comerica Bank Has $537,000 Position in Tennant (NYSE:TNC)

Comerica Bank lessened its holdings in Tennant (NYSE:TNC) by 3.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,592 shares of the industrial products company’s stock after selling 261 shares during the quarter. Comerica Bank’s holdings in Tennant were worth $537,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Tennant by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock worth $195,205,000 after purchasing an additional 12,422 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Tennant by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company’s stock worth $48,688,000 after buying an additional 9,920 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Tennant by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock worth $21,117,000 after buying an additional 5,890 shares during the last quarter. Northern Trust Corp grew its stake in Tennant by 21.8% during the fourth quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company’s stock worth $18,569,000 after buying an additional 40,729 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in Tennant by 11.2% during the fourth quarter. Prudential Financial Inc. now owns 204,226 shares of the industrial products company’s stock worth $16,651,000 after buying an additional 20,627 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Price Performance

TNC opened at $75.63 on Thursday. Tennant has a one year low of $67.32 and a one year high of $110.45. 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 company’s 50 day simple moving average is $75.99 and its 200-day simple moving average is $82.23. The stock has a market capitalization of $1.41 billion, a P/E ratio of 17.27 and a beta of 1.07.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $296.63 million. During the same period in the previous year, the business posted $1.49 earnings per share. Tennant’s revenue was down 6.8% compared to the same quarter last year. Sell-side analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a $0.295 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a yield of 1.56%. Tennant’s payout ratio is presently 32.96%.

Tennant announced that its board has authorized a stock buyback program on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

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

Insider Buying and Selling at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the 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 sale, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. This trade represents a 12.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the 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 sale, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.