Fuller & Thaler Asset Management Inc. Sells 57,729 Shares of Tennant Company $TNC

Key Points

• Fuller & Thaler Asset Management Inc. has reduced its stake in Tennant Company by 11.9%, now owning approximately 426,896 shares valued at $34 million.
• Tennant reported lower-than-expected quarterly earnings, with an EPS of $1.49, missing analysts' estimates of $1.63, indicating a 3.7% decline in revenue compared to the prior year.
• The company announced a quarterly dividend of $0.295 per share, representing an annualized yield of 1.4%, with a payout ratio of 36.76%.

Fuller & Thaler Asset Management Inc. lowered its holdings in shares of Tennant Company (NYSE:TNC - Free Report) by 11.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 426,896 shares of the industrial products company's stock after selling 57,729 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 2.29% of Tennant worth $34,045,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Tennant by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock valued at $48,688,000 after buying an additional 9,920 shares during the last quarter. Brown Advisory Inc. raised its position in Tennant by 3.4% in the 1st quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock valued at $45,309,000 after buying an additional 18,537 shares during the last quarter. Millennium Management LLC raised its position in Tennant by 143.6% in the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock valued at $37,735,000 after buying an additional 272,858 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Tennant by 7.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 279,234 shares of the industrial products company's stock valued at $22,269,000 after buying an additional 20,225 shares during the last quarter. Finally, Northern Trust Corp raised its position in Tennant by 21.8% in the 4th quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock valued at $18,569,000 after buying an additional 40,729 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Stock Up 3.8%

TNC stock traded up $3.0340 during mid-day trading on Friday, reaching $83.7640. The company had a trading volume of 97,653 shares, compared to its average volume of 110,384. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38. The stock has a 50 day simple moving average of $80.64 and a two-hundred day simple moving average of $78.96. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.75 and a beta of 1.06. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The company had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 earnings per share. As a group, equities analysts predict that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Tennant's dividend payout ratio (DPR) is currently 36.76%.

Analyst Ratings Changes

Separately, Zacks Research raised Tennant to a "hold" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Tennant currently has an average rating of "Moderate Buy" and a consensus target price of $125.00.

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.