Nationwide Fund Advisors Reduces Stake in Tennant Company (TNC)

Nationwide Fund Advisors decreased its stake in shares of Tennant Company (NYSE:TNC) by 37.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,223 shares of the industrial products company’s stock after selling 6,054 shares during the period. Nationwide Fund Advisors’ holdings in Tennant Company were worth $743,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Comerica Bank raised its position in shares of Tennant Company by 5.6% in the fourth quarter. Comerica Bank now owns 18,821 shares of the industrial products company’s stock valued at $1,288,000 after buying an additional 994 shares in the last quarter. State Street Corp raised its position in shares of Tennant Company by 6.7% in the fourth quarter. State Street Corp now owns 394,435 shares of the industrial products company’s stock valued at $28,079,000 after buying an additional 24,647 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tennant Company by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 608,630 shares of the industrial products company’s stock valued at $43,335,000 after buying an additional 4,754 shares in the last quarter. Menta Capital LLC raised its position in shares of Tennant Company by 7.1% in the fourth quarter. Menta Capital LLC now owns 24,037 shares of the industrial products company’s stock valued at $1,711,000 after buying an additional 1,600 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of Tennant Company during the fourth quarter valued at about $403,000. 88.22% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Tennant Company (NYSE:TNC)

Tennant Company (NYSE TNC) opened at 73.65 on Tuesday. Tennant Company has a one year low of $49.97 and a one year high of $76.80. The stock has a 50 day moving average price of $72.54 and a 200-day moving average price of $71.57. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 34.48 and a beta of 1.02.

Tennant Company (NYSE:TNC) last posted its earnings results on Monday, April 24th. The industrial products company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. Tennant Company had a return on equity of 17.52% and a net margin of 4.66%. The business had revenue of $191.10 million for the quarter, compared to analysts’ expectations of $181.82 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Tennant Company will post $2.52 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Friday, May 26th. Tennant Company’s dividend payout ratio (DPR) is currently 39.62%.

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A number of research analysts have recently weighed in on TNC shares. Zacks Investment Research lowered Tennant Company from a “hold” rating to a “sell” rating in a report on Tuesday, February 28th. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 price objective on shares of Tennant Company in a report on Wednesday, March 1st. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Tennant Company has a consensus rating of “Hold” and a consensus target price of $69.00.

In other news, SVP Richard H. Zay sold 1,280 shares of Tennant Company stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $73.00, for a total transaction of $93,440.00. Following the sale, the senior vice president now owns 15,423 shares in the company, valued at $1,125,879. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas Paulson sold 7,500 shares of Tennant Company stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $73.95, for a total value of $554,625.00. Following the sale, the chief financial officer now owns 31,755 shares in the company, valued at approximately $2,348,282.25. The disclosure for this sale can be found here. Insiders have sold 18,208 shares of company stock worth $1,328,099 in the last quarter. Insiders own 5.70% of the company’s stock.

About Tennant Company

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.

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