First Trust Advisors LP Sells 11,440 Shares of Tennant (NYSE:TNC)

First Trust Advisors LP lowered its stake in shares of Tennant (NYSE:TNC - Free Report) by 46.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 13,258 shares of the industrial products company's stock after selling 11,440 shares during the period. First Trust Advisors LP owned approximately 0.07% of Tennant worth $1,081,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Tennant in the 4th quarter valued at about $10,417,000. JPMorgan Chase & Co. lifted its position in shares of Tennant by 204.4% during the fourth quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company's stock worth $12,072,000 after acquiring an additional 99,423 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Tennant in the fourth quarter worth $5,830,000. Lightrock Netherlands B.V. purchased a new position in shares of Tennant in the fourth quarter valued at $4,957,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Tennant by 2,337.5% during the 4th quarter. Russell Investments Group Ltd. now owns 55,038 shares of the industrial products company's stock valued at $4,487,000 after purchasing an additional 52,780 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th.

Insider Buying and Selling at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the sale, the senior vice president now directly owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Richard H. Zay sold 7,053 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the transaction, the insider now directly owns 25,770 shares of the company's stock, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

Tennant Price Performance

Shares of TNC traded down $0.32 during midday trading on Friday, reaching $72.36. The stock had a trading volume of 122,184 shares, compared to its average volume of 141,425. Tennant has a 12-month low of $67.32 and a 12-month high of $110.45. 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 company's 50-day moving average is $76.27 and its 200 day moving average is $82.42. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.52 and a beta of 1.07.

Tennant (NYSE:TNC - Get Free Report) last issued 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 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 company's revenue was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 earnings per share. On average, equities analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, May 30th. This represents a $1.18 annualized dividend and a dividend yield of 1.63%. Tennant's dividend payout ratio is presently 32.96%.

Tennant declared that its Board of Directors has authorized a share buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership 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.