Prentiss Smith & Co. Inc. Trims Stock Position in Tennant (NYSE:TNC)

Prentiss Smith & Co. Inc. reduced its stake in shares of Tennant (NYSE:TNC - Free Report) by 37.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,453 shares of the industrial products company's stock after selling 31,175 shares during the quarter. Tennant accounts for approximately 3.6% of Prentiss Smith & Co. Inc.'s portfolio, making the stock its 10th largest holding. Prentiss Smith & Co. Inc. owned about 0.28% of Tennant worth $4,862,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Graham Capital Management L.P. bought a new position in shares of Tennant during the third quarter valued at about $799,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tennant by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 226,957 shares of the industrial products company's stock worth $16,829,000 after purchasing an additional 4,805 shares during the period. Qube Research & Technologies Ltd boosted its holdings in shares of Tennant by 174.0% during the third quarter. Qube Research & Technologies Ltd now owns 51,153 shares of the industrial products company's stock worth $3,793,000 after purchasing an additional 32,483 shares during the period. Invesco Ltd. boosted its holdings in shares of Tennant by 57.8% during the third quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company's stock worth $8,582,000 after purchasing an additional 42,407 shares during the period. Finally, Tudor Investment Corp Et Al boosted its holdings in shares of Tennant by 539.4% during the third quarter. Tudor Investment Corp Et Al now owns 46,734 shares of the industrial products company's stock worth $3,465,000 after purchasing an additional 39,425 shares during the period. 93.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, CL King started coverage on shares of Tennant in a report on Thursday, December 28th. They set a "buy" rating and a $112.00 target price for the company.

Tennant Stock Down 1.5 %

TNC traded down $1.80 on Thursday, hitting $115.51. The company had a trading volume of 119,296 shares, compared to its average volume of 136,112. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.08 and a quick ratio of 1.44. Tennant has a 52-week low of $64.88 and a 52-week high of $124.11. The stock has a fifty day simple moving average of $114.34 and a 200-day simple moving average of $96.51. The firm has a market capitalization of $2.20 billion, a P/E ratio of 20.12 and a beta of 1.10.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The industrial products company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.27 by $0.65. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The business had revenue of $311.40 million during the quarter, compared to analyst estimates of $309.87 million. During the same period last year, the business posted $1.46 earnings per share. Tennant's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts expect that Tennant will post 6.44 EPS for the current fiscal year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 0.97%. Tennant's dividend payout ratio (DPR) is presently 19.21%.

Insiders Place Their Bets

In other Tennant news, SVP Kristin A. Erickson sold 556 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the transaction, the senior vice president now owns 10,698 shares of the company's stock, valued at $1,176,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tennant news, SVP Kristin A. Erickson sold 556 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the transaction, the senior vice president now owns 10,698 shares of the company's stock, valued at $1,176,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard H. Zay sold 14,743 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the transaction, the insider now directly owns 11,095 shares of the company's stock, valued at approximately $1,222,558.05. The disclosure for this sale can be found here. Insiders sold 17,597 shares of company stock worth $1,953,293 over the last three months. Company insiders own 2.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.