Wells Fargo & Company MN Buys 6,683 Shares of Tennant (NYSE:TNC)

Wells Fargo & Company MN raised its stake in shares of Tennant (NYSE:TNC) by 85.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,502 shares of the industrial products company’s stock after purchasing an additional 6,683 shares during the period. Wells Fargo & Company MN’s holdings in Tennant were worth $1,182,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverwater Partners LLC lifted its holdings in shares of Tennant by 52.0% in the 4th quarter. Riverwater Partners LLC now owns 29,149 shares of the industrial products company’s stock valued at $2,377,000 after acquiring an additional 9,978 shares during the last quarter. ExodusPoint Capital Management LP lifted its holdings in shares of Tennant by 506.6% in the 4th quarter. ExodusPoint Capital Management LP now owns 16,428 shares of the industrial products company’s stock valued at $1,339,000 after acquiring an additional 13,720 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Tennant by 104.4% in the 4th quarter. Trexquant Investment LP now owns 51,141 shares of the industrial products company’s stock valued at $4,170,000 after acquiring an additional 26,118 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Tennant by 6.5% in the 4th quarter. Franklin Resources Inc. now owns 13,749 shares of the industrial products company’s stock valued at $1,121,000 after acquiring an additional 841 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Tennant by 4.8% in the 4th quarter. Alliancebernstein L.P. now owns 23,341 shares of the industrial products company’s stock valued at $1,903,000 after acquiring an additional 1,079 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

Tennant stock opened at $72.74 on Tuesday. Tennant has a 1-year low of $67.57 and a 1-year high of $117.48. The company’s 50-day moving average is $78.86 and its 200 day moving average is $83.69. The firm has a market capitalization of $1.37 billion, a P/E ratio of 16.61 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Research analysts forecast that Tennant will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

Tennant announced that its Board of Directors has authorized a share buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the sale, the insider now directly owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

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.