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. reduced its stake in Tennant Company (NYSE:TNC - Free Report) by 11.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TNC. Wells Fargo & Company MN lifted its position in Tennant by 85.5% in the 4th quarter. Wells Fargo & Company MN now owns 14,502 shares of the industrial products company's stock valued at $1,182,000 after acquiring an additional 6,683 shares in the last quarter. Bank of Montreal Can increased its stake in Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock valued at $299,000 after buying an additional 199 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Tennant in the 4th quarter valued at $5,830,000. Sterling Capital Management LLC increased its stake in Tennant by 668.9% in the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after buying an additional 301 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its stake in Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock valued at $162,000 after buying an additional 142 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Tennant to a "hold" rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Tennant currently has a consensus rating of "Moderate Buy" and a consensus target price of $125.00.

Tennant Stock Performance

Shares of Tennant stock traded down $0.52 during trading on Monday, hitting $83.19. 7,308 shares of the stock were exchanged, compared to its average volume of 152,452. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06. The company has a fifty day moving average price of $80.64 and a 200-day moving average price of $78.87. Tennant Company has a 1-year low of $67.32 and a 1-year high of $98.52. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33.

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

Tennant Dividend Announcement

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 issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. Tennant's dividend payout ratio is currently 36.76%.

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.