Bokf Na Has $477,000 Position in Tennant (NYSE:TNC)

Bokf Na lessened its holdings in Tennant (NYSE:TNC) by 10.0% during the fourth quarter, Holdings Channel reports. The fund owned 5,978 shares of the industrial products company’s stock after selling 663 shares during the period. Bokf Na’s holdings in Tennant were worth $477,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TNC. Barclays PLC raised its position in shares of Tennant by 222.8% in 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. raised its holdings in Tennant by 1.3% in the 3rd 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. JPMorgan Chase & Co. lifted its position in Tennant by 93.1% during the third 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 during the last quarter. Albert D Mason Inc. boosted its holdings in shares of Tennant by 1.5% during the fourth 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 acquired a new position in shares of Tennant in the fourth quarter valued at approximately $815,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Price Performance

NYSE:TNC opened at $72.36 on Friday. Tennant has a 52 week low of $67.32 and a 52 week high of $110.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The firm’s 50-day simple moving average is $76.27 and its 200 day simple moving average is $82.48. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 16.52 and a beta of 1.07.

Tennant (NYSE:TNC) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.26). The business had revenue of $290.00 million for the quarter, compared to the consensus estimate of $296.63 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.49 earnings per share. As a group, sell-side analysts predict that Tennant will post 5.89 earnings per share for the current year.

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

Tennant Dividend Announcement

The business also recently announced 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 1.63%. Tennant’s payout ratio is 32.96%.

Insider Transactions at Tennant

In other news, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction 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 $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. 2.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.