Occudo Quantitative Strategies LP Cuts Stock Holdings in Tennant (NYSE:TNC)

Occudo Quantitative Strategies LP lessened its holdings in Tennant (NYSE:TNC - Free Report) by 27.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,329 shares of the industrial products company's stock after selling 3,446 shares during the quarter. Occudo Quantitative Strategies LP's holdings in Tennant were worth $761,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. lifted its holdings in shares of Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock valued at $162,000 after buying an additional 142 shares during the period. Albert D Mason Inc. lifted its holdings 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 acquiring an additional 145 shares during the period. Franklin Resources Inc. lifted its holdings in Tennant by 1.3% in the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock valued at $1,213,000 after acquiring an additional 169 shares during the period. Accredited Investors Inc. boosted its position in shares of Tennant by 1.4% during the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock worth $1,088,000 after purchasing an additional 186 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Tennant by 5.7% during the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock worth $299,000 after purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 93.33% of the company's stock.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company's 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Barb Balinski sold 1,717 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the sale, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68% 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.

Analyst Ratings Changes

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

Tennant Price Performance

Shares of TNC stock traded up $1.36 during midday trading on Friday, reaching $77.01. 139,707 shares of the company traded hands, compared to its average volume of 141,272. The firm's 50 day simple moving average is $75.43 and its two-hundred day simple moving average is $81.94. The firm has a market cap of $1.44 billion, a PE ratio of 17.58 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a 1-year low of $67.32 and a 1-year high of $110.45.

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

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

Tennant Dividend Announcement

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

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.