10,258 Shares in Tennant (NYSE:TNC) Acquired by Vest Financial LLC

Vest Financial LLC acquired a new position in shares of Tennant (NYSE:TNC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,258 shares of the industrial products company's stock, valued at approximately $818,000. Vest Financial LLC owned approximately 0.05% of Tennant at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TNC. Sterling Capital Management LLC raised its stake in Tennant by 668.9% during the fourth 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 in the last quarter. SBI Securities Co. Ltd. bought a new position in Tennant during the fourth quarter valued at about $59,000. KBC Group NV boosted its stake in Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after buying an additional 394 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Tennant by 120.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock valued at $90,000 after buying an additional 600 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Tennant in the 4th quarter valued at $104,000. Institutional investors and hedge funds own 93.33% of the company's stock.

Analyst Upgrades and Downgrades

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

Tennant Trading Down 2.1%

Shares of TNC stock traded down $1.65 on Wednesday, reaching $75.45. 180,493 shares of the stock were exchanged, compared to its average volume of 142,478. 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 one year low of $67.32 and a one year high of $110.45. The stock has a 50 day moving average price of $72.87 and a 200 day moving average price of $80.32. The stock has a market cap of $1.41 billion, a PE ratio of 17.22 and a beta of 1.05.

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

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, May 30th. Tennant's payout ratio is 32.96%.

Tennant announced that its Board of Directors has initiated a share buyback program on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

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.