Allspring Global Investments Holdings LLC Purchases 19,613 Shares of Tennant (NYSE:TNC)

Allspring Global Investments Holdings LLC boosted its position in shares of Tennant (NYSE:TNC - Free Report) by 171.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,080 shares of the industrial products company's stock after purchasing an additional 19,613 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.16% of Tennant worth $2,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. raised its stake 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 last quarter. KBC Group NV increased its holdings in Tennant by 69.5% in the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 394 shares during the last quarter. TD Private Client Wealth LLC lifted its stake 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 valued at $81,000 after buying an additional 255 shares during the period. R Squared Ltd acquired a new position in Tennant in the fourth quarter valued at about $92,000. Finally, Millburn Ridgefield Corp boosted its holdings in Tennant by 453.4% during the third quarter. Millburn Ridgefield Corp now owns 1,212 shares of the industrial products company's stock worth $116,000 after buying an additional 993 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

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Tennant Stock Up 0.1 %

Shares of TNC traded up $0.11 on Tuesday, hitting $87.43. The company's stock had a trading volume of 164,804 shares, compared to its average volume of 179,872. The firm's fifty day moving average price is $84.22 and its 200-day moving average price is $88.73. Tennant has a fifty-two week low of $78.57 and a fifty-two week high of $124.11. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 19.96 and a beta of 1.01.

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

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Friday, February 28th. Tennant's dividend payout ratio (DPR) is currently 26.94%.

Tennant declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TNC shares. Northcoast Research assumed coverage on Tennant in a research note on Thursday, December 19th. They issued a "buy" rating and a $125.00 price target for the company. StockNews.com raised Tennant from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, February 19th.

Insider Buying and Selling

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the sale, the insider now directly owns 25,770 shares of the company's stock, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

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.