Wells Fargo & Company MN Buys 6,683 Shares of Tennant (NYSE:TNC)

Wells Fargo & Company MN grew its holdings in shares of Tennant (NYSE:TNC - Free Report) by 85.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,502 shares of the industrial products company's stock after acquiring an additional 6,683 shares during the period. Wells Fargo & Company MN owned about 0.08% of Tennant worth $1,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Tennant Price Performance

Shares of NYSE:TNC traded down $2.54 during trading on Thursday, hitting $69.62. 270,241 shares of the company's stock were exchanged, compared to its average volume of 141,165. The business's 50-day simple moving average is $78.24 and its 200 day simple moving average is $83.53. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 15.89 and a beta of 0.97. Tennant has a 52-week low of $67.31 and a 52-week high of $117.48. 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 (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 (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.26). Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $290.00 million for the quarter, compared to the consensus estimate of $296.63 million. During the same quarter in the previous year, the business earned $1.49 EPS. The company's quarterly revenue was down 6.8% on a year-over-year basis. As a group, equities analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.295 per share. The ex-dividend date is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.69%. Tennant's payout ratio is 26.94%.

Insider Activity

In related news, SVP Barb Balinski sold 1,717 shares of the firm's 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 completion of the transaction, the senior vice president now directly owns 11,829 shares of the company's stock, 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 SEC, which can be accessed through this hyperlink. 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 sale, the insider now directly 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. Company insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

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

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.