Bank of America Corp DE Trims Stake in Tennant (NYSE:TNC)

Bank of America Corp DE trimmed its position in shares of Tennant (NYSE:TNC - Free Report) by 24.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,535 shares of the industrial products company's stock after selling 19,706 shares during the quarter. Bank of America Corp DE owned approximately 0.33% of Tennant worth $5,098,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Summit Investment Advisors Inc. boosted its position in shares of Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock worth $162,000 after purchasing an additional 142 shares in the last quarter. Accredited Investors Inc. boosted its position in shares of Tennant by 1.4% in the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock worth $1,088,000 after purchasing an additional 186 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock worth $299,000 after purchasing an additional 199 shares in the last quarter. US Bancorp DE boosted its position in shares of Tennant by 0.8% in the 4th quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock worth $2,367,000 after purchasing an additional 224 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of Tennant by 668.9% in the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after purchasing an additional 301 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

Tennant Stock Up 1.5%

Shares of TNC traded up $1.08 during mid-day trading on Thursday, reaching $74.55. The company had a trading volume of 107,244 shares, compared to its average volume of 142,122. Tennant has a 52 week low of $67.32 and a 52 week high of $110.45. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 17.02 and a beta of 1.07. The firm has a 50-day moving average price of $73.94 and a 200 day moving average price of $81.22. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm had revenue of $290.00 million during the quarter, compared to analysts' expectations of $296.63 million. During the same quarter in the previous year, the firm earned $1.49 earnings per share. Tennant's revenue was down 6.8% on a year-over-year basis. On average, sell-side analysts forecast that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a yield of 1.58%. Tennant's payout ratio is currently 32.96%.

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

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the business's 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 transaction, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. The trade was a 12.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

Tennant Company 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.