Nuveen Asset Management LLC Reduces Position in Tennant (NYSE:TNC)

Nuveen Asset Management LLC trimmed its position in Tennant (NYSE:TNC - Free Report) by 27.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 130,215 shares of the industrial products company's stock after selling 48,482 shares during the quarter. Nuveen Asset Management LLC owned 0.69% of Tennant worth $10,616,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TNC. Millennium Management LLC boosted its stake in shares of Tennant by 143.6% during the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock valued at $37,735,000 after purchasing an additional 272,858 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 buying an additional 396 shares during the period. Invenomic Capital Management LP purchased a new stake in Tennant during the fourth quarter worth $6,050,000. Graham Capital Management L.P. boosted its position in Tennant by 14.4% during the 4th quarter. Graham Capital Management L.P. now owns 9,799 shares of the industrial products company's stock valued at $799,000 after acquiring an additional 1,232 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Tennant by 169.8% in the 4th quarter. Deutsche Bank AG now owns 28,809 shares of the industrial products company's stock valued at $2,349,000 after acquiring an additional 18,130 shares during the period. Institutional investors own 93.33% of the company's stock.

Analyst Upgrades and Downgrades

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

Tennant Stock Down 0.1%

Shares of NYSE:TNC traded down $0.06 during trading on Friday, reaching $74.48. The stock had a trading volume of 141,572 shares, compared to its average volume of 142,120. The firm's 50-day simple moving average is $73.79 and its 200 day simple moving average is $81.10. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a one year low of $67.32 and a one year high of $110.45. The company has a market capitalization of $1.39 billion, a P/E ratio of 17.00 and a beta of 1.07.

Tennant (NYSE:TNC - Get Free Report) last announced its earnings results 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 firm had revenue of $290.00 million during the quarter, compared to analyst estimates of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Tennant's revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the business earned $1.49 earnings per share. As a group, research analysts expect that Tennant will post 5.89 EPS for the current fiscal year.

Tennant announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 13th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors 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 yield of 1.58%. The ex-dividend date is Friday, May 30th. Tennant's dividend payout ratio is currently 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.