Bank of America Corp DE Sells 19,706 Shares of Tennant (NYSE:TNC)

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

A number of other large investors also recently modified their holdings of TNC. BNP Paribas Financial Markets raised its position in Tennant by 43.3% in the 4th quarter. BNP Paribas Financial Markets now owns 15,294 shares of the industrial products company's stock valued at $1,247,000 after buying an additional 4,621 shares during the last quarter. Algert Global LLC increased its position in shares of Tennant by 2.0% during the 4th quarter. Algert Global LLC now owns 44,268 shares of the industrial products company's stock valued at $3,609,000 after purchasing an additional 877 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its holdings in Tennant by 94.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 10,780 shares of the industrial products company's stock worth $879,000 after acquiring an additional 5,250 shares during the last quarter. Lido Advisors LLC increased its holdings in Tennant by 6.2% in the 4th quarter. Lido Advisors LLC now owns 12,471 shares of the industrial products company's stock worth $1,017,000 after acquiring an additional 733 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Tennant by 21.8% in the 4th quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock worth $18,569,000 after acquiring an additional 40,729 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Price Performance

Shares of TNC traded down $0.06 during trading hours on Friday, reaching $74.48. 141,572 shares of the company's stock traded hands, compared to its average volume of 142,223. The stock has a market cap of $1.39 billion, a PE ratio of 17.00 and a beta of 1.07. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm's 50 day simple moving average is $73.66 and its 200-day simple moving average is $80.91. Tennant has a 12 month low of $67.32 and a 12 month high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last released its earnings results 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). The firm had revenue of $290.00 million during the quarter, compared to the consensus estimate of $296.63 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The business's quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 EPS. Equities analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant declared that its board has initiated a stock buyback plan on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Tennant Announces Dividend

The business also recently declared 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 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 dividend payout ratio (DPR) is currently 32.96%.

Analyst Upgrades and Downgrades

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

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.