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

Wells Fargo & Company MN increased its holdings in Tennant (NYSE:TNC - Free Report) by 85.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,502 shares of the industrial products company's stock after purchasing an additional 6,683 shares during the period. Wells Fargo & Company MN owned approximately 0.08% of Tennant worth $1,182,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TNC. Norges Bank bought a new stake in Tennant during the fourth quarter worth about $10,417,000. JPMorgan Chase & Co. grew its position in Tennant by 204.4% during 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 during the last quarter. Raymond James Financial Inc. bought a new stake in Tennant during the 4th quarter worth approximately $5,830,000. Lightrock Netherlands B.V. acquired a new stake in Tennant during the 4th quarter valued at $4,957,000. Finally, New York State Common Retirement Fund raised its position in Tennant by 555.4% in the 4th quarter. New York State Common Retirement Fund now owns 43,514 shares of the industrial products company's stock valued at $3,548,000 after purchasing an additional 36,875 shares during the last quarter. Institutional investors own 93.33% of the company's stock.

Insider Buying and Selling at Tennant

In other news, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction on Monday, February 24th. The stock was 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 $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the sale, 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 disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Tennant Price Performance

Shares of TNC stock traded up $2.05 during trading hours on Friday, reaching $71.51. 199,215 shares of the company were exchanged, compared to its average volume of 141,335. Tennant has a fifty-two week low of $67.32 and a fifty-two week high of $110.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The stock's fifty day moving average is $77.56 and its two-hundred day moving average is $83.14. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 16.33 and a beta of 0.97.

Tennant (NYSE:TNC - Get Free Report) last posted 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). The firm had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm's quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.49 EPS. Sell-side analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant declared that its Board of Directors has initiated a share buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.295 per share. The ex-dividend date is Friday, May 30th. This represents a $1.18 annualized dividend and a yield of 1.65%. Tennant's dividend payout ratio is currently 26.94%.

Wall Street Analyst Weigh In

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

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.