Northern Trust Corp Buys 40,729 Shares of Tennant (NYSE:TNC)

Northern Trust Corp raised its position in Tennant (NYSE:TNC - Free Report) by 21.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,754 shares of the industrial products company's stock after buying an additional 40,729 shares during the quarter. Northern Trust Corp owned 1.21% of Tennant worth $18,569,000 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. Sterling Capital Management LLC grew its holdings in shares of 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 purchasing an additional 301 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Tennant during the 4th quarter worth $59,000. KBC Group NV grew its holdings in shares of Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after purchasing an additional 394 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Tennant by 120.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock worth $90,000 after purchasing an additional 600 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Tennant during the 4th quarter worth $92,000. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of TNC traded up $1.36 during trading hours on Friday, hitting $77.01. 139,707 shares of the company were exchanged, compared to its average volume of 141,158. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 17.58 and a beta of 1.07. Tennant has a fifty-two week low of $67.32 and a fifty-two week 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 firm's fifty day moving average is $75.59 and its 200 day moving average is $82.08.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings data 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 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 business's quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.49 earnings per share. On average, equities analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio (DPR) is presently 32.96%.

Tennant declared that its board has approved a stock repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the transaction, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. This trade represents a 12.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard H. Zay sold 7,053 shares of the stock in a transaction dated Monday, February 24th. The shares were 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 owns 25,770 shares of the company's stock, valued at $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. 2.60% of the stock is currently owned by insiders.

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.