State of Tennessee Department of Treasury Has $374,000 Position in Tennant (NYSE:TNC)

State of Tennessee Department of Treasury reduced its position in Tennant (NYSE:TNC - Free Report) by 43.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,587 shares of the industrial products company's stock after selling 3,560 shares during the quarter. State of Tennessee Department of Treasury's holdings in Tennant were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its stake in Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after buying an additional 301 shares during the period. SBI Securities Co. Ltd. bought a new position in Tennant in the fourth quarter worth about $59,000. KBC Group NV boosted its stake in Tennant by 69.5% in the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after acquiring an additional 394 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of 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 purchasing an additional 600 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of Tennant during the fourth quarter valued at approximately $92,000. Hedge funds and other institutional investors own 93.33% of the company's stock.

Insider Activity 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 stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Tennant Price Performance

Tennant stock traded up $1.74 during midday trading on Thursday, hitting $72.52. The company's stock had a trading volume of 114,023 shares, compared to its average volume of 140,992. Tennant has a 12 month low of $67.32 and a 12 month high of $110.45. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The stock's 50-day moving average price is $76.67 and its 200-day moving average price is $82.74. The company has a market capitalization of $1.36 billion, a PE ratio of 16.56 and a beta of 1.07.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 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 firm had revenue of $290.00 million for the quarter, compared to analysts' expectations of $296.63 million. During the same period in the prior year, the company posted $1.49 earnings per share. Tennant's quarterly revenue was down 6.8% compared to the same quarter last year. Analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant declared that its board has approved a share repurchase program on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio is currently 32.96%.

Wall Street Analyst Weigh In

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

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.