Yousif Capital Management LLC Lowers Position in Tennant (NYSE:TNC)

Yousif Capital Management LLC reduced its stake in Tennant (NYSE:TNC) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,192 shares of the industrial products company’s stock after selling 210 shares during the quarter. Yousif Capital Management LLC’s holdings in Tennant were worth $586,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Albert D Mason Inc. raised its position in Tennant by 1.5% in the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after buying an additional 145 shares during the last quarter. Franklin Resources Inc. raised its position 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 buying an additional 169 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tennant by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock valued at $4,173,000 after buying an additional 239 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after buying an additional 255 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Northcoast Research assumed coverage on Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective for the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Down 0.9 %

Shares of NYSE TNC opened at $87.41 on Monday. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The business has a 50-day simple moving average of $83.90 and a two-hundred day simple moving average of $89.13. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.65 billion, a P/E ratio of 15.42 and a beta of 1.01.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.35%. Tennant’s dividend payout ratio is 20.81%.

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

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.