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

State of Tennessee Department of Treasury reduced its position in shares of Tennant (NYSE:TNC - Free Report) by 43.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,587 shares of the industrial products company's stock after selling 3,560 shares during the period. State of Tennessee Department of Treasury's holdings in Tennant were worth $374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock worth $3,857,000 after acquiring an additional 27,712 shares during the last quarter. Franklin Resources Inc. lifted its stake in Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock valued at $1,213,000 after purchasing an additional 169 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Tennant by 93.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company's stock valued at $4,672,000 after purchasing an additional 23,460 shares during the last quarter. Albert D Mason Inc. boosted its position in Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock valued at $800,000 after buying an additional 145 shares in the last quarter. Finally, Value Holdings Management CO. LLC bought a new stake in shares of Tennant during the fourth quarter worth $815,000. 93.33% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Barb Balinski sold 1,717 shares of the business's 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 transaction, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the company's stock in a transaction on Monday, February 24th. The shares were 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 directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Tennant Trading Down 0.4 %

Shares of Tennant stock traded down $0.32 on Friday, hitting $72.36. The stock had a trading volume of 122,184 shares, compared to its average volume of 141,425. The stock has a 50 day moving average of $76.27 and a 200 day moving average of $82.42. The firm has a market capitalization of $1.36 billion, a P/E ratio of 16.52 and a beta of 1.07. Tennant has a twelve month low of $67.32 and a twelve month high of $110.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly 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). The business 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%. The company's revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.49 earnings per share. Sell-side analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

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

Tennant Announces Dividend

The business 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 1.63%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio is currently 32.96%.

Analyst Upgrades and Downgrades

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

Tennant Company Profile

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.