Bank of New York Mellon Corp Trims Holdings in Tennant (NYSE:TNC)

Bank of New York Mellon Corp decreased its holdings in shares of Tennant (NYSE:TNC) by 8.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 163,050 shares of the industrial products company’s stock after selling 14,340 shares during the quarter. Bank of New York Mellon Corp owned about 0.86% of Tennant worth $13,293,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Lightrock Netherlands B.V. acquired a new stake in Tennant in the fourth quarter valued at approximately $4,957,000. Eagle Asset Management Inc. bought a new position in Tennant during the 3rd quarter worth $3,873,000. New York State Common Retirement Fund increased its holdings in shares of 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 worth $3,548,000 after acquiring an additional 36,875 shares during the period. Barclays PLC raised its holdings in shares of Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after buying an additional 27,712 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Tennant by 93.1% during the 3rd 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 period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Barb Balinski sold 1,717 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. The trade was a 21.49 % 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.

Tennant Trading Down 3.2 %

NYSE:TNC opened at $82.46 on Thursday. 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 company has a market capitalization of $1.55 billion, a P/E ratio of 18.83 and a beta of 1.02. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The stock’s 50 day moving average price is $85.04 and its 200 day moving average price is $88.02.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. On average, research analysts forecast that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its Board of Directors has initiated a share buyback program on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio (DPR) is currently 26.94%.

Analysts Set New Price Targets

A number of analysts have recently commented on TNC shares. Northcoast Research began coverage on Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective on the stock. StockNews.com cut 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.