Nuveen Asset Management LLC Trims Stock Holdings in Tennant (NYSE:TNC)

Nuveen Asset Management LLC reduced its holdings in Tennant (NYSE:TNC - Free Report) by 27.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 130,215 shares of the industrial products company's stock after selling 48,482 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.69% of Tennant worth $10,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC increased its stake in Tennant by 143.6% during the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after acquiring an additional 272,858 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Tennant by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,780 shares of the industrial products company's stock worth $879,000 after acquiring an additional 396 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in Tennant during the fourth quarter worth about $6,050,000. Graham Capital Management L.P. increased its stake in Tennant by 14.4% during the fourth quarter. Graham Capital Management L.P. now owns 9,799 shares of the industrial products company's stock worth $799,000 after acquiring an additional 1,232 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Tennant by 169.8% during the fourth quarter. Deutsche Bank AG now owns 28,809 shares of the industrial products company's stock worth $2,349,000 after acquiring an additional 18,130 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Trading Down 0.1%

NYSE:TNC traded down $0.06 on Friday, hitting $74.48. 141,572 shares of the stock were exchanged, 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 stock has a fifty day moving average of $73.66 and a 200-day moving average of $80.91. Tennant has a fifty-two week low of $67.32 and a fifty-two week high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) 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 company had revenue of $290.00 million during the quarter, compared to analyst estimates of $296.63 million. During the same quarter last year, the business posted $1.49 EPS. Tennant's quarterly revenue was down 6.8% compared to the same quarter last year. As a group, equities analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant announced that its board has initiated a share repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently announced 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 (DPR) is currently 32.96%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered 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.