Brown Advisory Inc. Has $44.81 Million Stake in Tennant (NYSE:TNC)

Brown Advisory Inc. decreased its position in shares of Tennant (NYSE:TNC - Free Report) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 549,601 shares of the industrial products company's stock after selling 38,810 shares during the period. Brown Advisory Inc. owned about 2.91% of Tennant worth $44,809,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Tennant in the fourth quarter worth about $10,417,000. JPMorgan Chase & Co. grew its position in shares of Tennant by 204.4% in the 4th 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. acquired a new position in shares of Tennant in the 4th quarter worth approximately $5,830,000. Lightrock Netherlands B.V. bought a new stake in shares of Tennant in the 4th quarter valued at approximately $4,957,000. Finally, Russell Investments Group Ltd. raised its position 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 acquiring an additional 52,780 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Analyst Ratings Changes

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

Tennant Stock Performance

NYSE:TNC traded down $0.32 during mid-day trading on Friday, hitting $72.36. The stock had a trading volume of 122,184 shares, compared to its average volume of 141,238. 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 has a 50 day simple moving average of $76.46 and a 200-day simple moving average of $82.61. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 16.52 and a beta of 1.07. Tennant has a 52 week low of $67.32 and a 52 week high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings data 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). Tennant had a return on equity of 19.98% and a net margin of 6.51%. The business had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. During the same quarter in the prior year, the firm posted $1.49 earnings per share. The business's quarterly revenue was down 6.8% on a year-over-year basis. On average, research analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

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

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

Insiders Place Their Bets

In related news, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction that occurred 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 sale, the insider now owns 25,770 shares of the company's stock, valued at $2,256,936.60. The trade was a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction 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 directly owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Tennant 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.