Man Group plc Sells 13,373 Shares of Tennant (NYSE:TNC)

Man Group plc lessened its holdings in shares of Tennant (NYSE:TNC - Free Report) by 71.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Summit Investment Advisors Inc. increased its holdings in Tennant by 7.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock valued at $162,000 after purchasing an additional 142 shares during the period. Accredited Investors Inc. increased its holdings in Tennant by 1.4% during the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock valued at $1,088,000 after purchasing an additional 186 shares during the period. Bank of Montreal Can increased its holdings in Tennant by 5.7% during the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock valued at $299,000 after purchasing an additional 199 shares during the period. US Bancorp DE increased its holdings in Tennant by 0.8% during the 4th quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock valued at $2,367,000 after purchasing an additional 224 shares during the period. Finally, Sterling Capital Management LLC increased its holdings in Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 301 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Analysts Set New Price Targets

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 Down 0.1%

TNC stock traded down $0.06 during trading on Friday, hitting $74.48. 141,572 shares of the stock traded hands, compared to its average volume of 142,223. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 17.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The firm's 50 day moving average is $73.66 and its two-hundred day moving average is $80.96.

Tennant (NYSE:TNC - Get Free Report) last released 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 net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $290.00 million for the quarter, compared to the consensus estimate of $296.63 million. During the same quarter in the prior year, the business posted $1.49 earnings per share. The firm's revenue for the quarter was down 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Tennant will post 5.89 EPS for the current year.

Tennant announced that its Board of Directors has approved a share repurchase program on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Tennant Dividend Announcement

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

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.