Bank of New York Mellon Corp Sells 14,340 Shares of Tennant (NYSE:TNC)

Bank of New York Mellon Corp lessened its holdings in shares of Tennant (NYSE:TNC - Free Report) by 8.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 approximately 0.86% of Tennant worth $13,293,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Thrivent Financial for Lutherans increased its holdings in Tennant by 0.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company's stock valued at $65,707,000 after purchasing an additional 3,164 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Tennant by 1.4% in the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock worth $41,971,000 after acquiring an additional 5,862 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Tennant by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company's stock worth $24,310,000 after acquiring an additional 3,975 shares during the last quarter. Jacobson & Schmitt Advisors LLC lifted its holdings in Tennant by 15.3% in the fourth quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company's stock worth $10,417,000 after acquiring an additional 16,934 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Tennant by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock valued at $8,261,000 after buying an additional 3,518 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

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Tennant Stock Performance

Shares of NYSE:TNC traded up $2.00 on Friday, hitting $84.53. 135,139 shares of the company were exchanged, compared to its average volume of 125,643. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 19.30 and a beta of 1.02. The company's 50 day moving average price is $85.12 and its two-hundred day moving average price is $87.83. Tennant has a one year low of $78.57 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $324.00 million. Research analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.40%. Tennant's dividend payout ratio (DPR) is presently 26.94%.

Insiders Place Their Bets

In other Tennant news, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the sale, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on 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 sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. The trade was a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on TNC shares. Northcoast Research started coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a "buy" rating and a $125.00 price target on the stock. StockNews.com lowered shares of Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th.

Tennant Company 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.