Allspring Global Investments Holdings LLC Has $2.52 Million Holdings in Tennant (NYSE:TNC)

Allspring Global Investments Holdings LLC lifted its position in shares of Tennant (NYSE:TNC) by 171.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,080 shares of the industrial products company’s stock after buying an additional 19,613 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.16% of Tennant worth $2,520,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after buying an additional 241 shares during the period. KBC Group NV increased its position in shares of Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after buying an additional 394 shares during the period. TD Private Client Wealth LLC grew its holdings in Tennant by 43.7% in the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 255 shares during the period. R Squared Ltd acquired a new stake in Tennant in the fourth quarter worth $92,000. Finally, Millburn Ridgefield Corp grew its holdings in Tennant by 453.4% in the third quarter. Millburn Ridgefield Corp now owns 1,212 shares of the industrial products company’s stock worth $116,000 after purchasing an additional 993 shares during the period. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TNC shares. StockNews.com upgraded shares of Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Northcoast Research started coverage on shares of Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target for the company.

Tennant Trading Down 2.5 %

NYSE:TNC opened at $86.96 on Friday. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 19.85 and a beta of 1.01. The firm has a fifty day simple moving average of $84.11 and a two-hundred day simple moving average of $88.92. Tennant has a 12 month low of $78.57 and a 12 month high of $124.11. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Analysts expect that Tennant will post 5.95 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

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

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.