Man Group plc Decreases Position in Tennant (NYSE:TNC)

Man Group plc cut its holdings in Tennant (NYSE:TNC - Free Report) by 71.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,469 shares of the industrial products company's stock after selling 13,373 shares during the period. Man Group plc's holdings in Tennant were worth $446,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC lifted 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 worth $28,000 after purchasing an additional 301 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Tennant in the 4th quarter worth approximately $59,000. KBC Group NV lifted its stake in Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after purchasing an additional 394 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Tennant by 120.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock worth $90,000 after purchasing an additional 600 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Tennant in the 4th quarter worth approximately $92,000. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Tennant Price Performance

NYSE TNC traded up $0.80 on Friday, hitting $75.05. The stock had a trading volume of 64,126 shares, compared to its average volume of 168,289. The firm has a 50-day moving average of $73.94 and a 200-day moving average 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. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 17.13 and a beta of 1.07. Tennant has a 52-week low of $67.32 and a 52-week high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.26). The company had revenue of $290.00 million for the quarter, compared to analysts' expectations of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business's quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.49 EPS. Equities analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio (DPR) is currently 32.96%.

Tennant declared that its Board of Directors has approved a share repurchase program on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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.