Tennant (NYSE:TNC) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in Tennant (NYSE:TNC - Free Report) by 2,337.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 55,038 shares of the industrial products company's stock after acquiring an additional 52,780 shares during the quarter. Russell Investments Group Ltd. owned 0.29% of Tennant worth $4,487,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TNC. Vanguard Group Inc. boosted its position in shares of Tennant by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock worth $195,205,000 after buying an additional 12,422 shares during the period. Geode Capital Management LLC increased its stake in Tennant by 1.4% during the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock worth $41,971,000 after purchasing an additional 5,862 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Tennant by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company's stock worth $21,117,000 after purchasing an additional 5,890 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Tennant by 11.2% in the fourth quarter. Prudential Financial Inc. now owns 204,226 shares of the industrial products company's stock valued at $16,651,000 after purchasing an additional 20,627 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Tennant by 204.4% during the 4th quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company's stock worth $12,072,000 after buying an additional 99,423 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Stock Down 2.5 %

TNC stock traded down $1.76 during mid-day trading on Monday, reaching $68.23. The company had a trading volume of 103,321 shares, compared to its average volume of 140,028. Tennant has a fifty-two week low of $67.57 and a fifty-two week high of $119.71. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 15.58 and a beta of 0.97. 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 firm has a fifty day simple moving average of $80.45 and a 200 day simple moving average of $84.43.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $324.00 million. Analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.73%. Tennant's payout ratio is currently 26.94%.

Insider Activity at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard H. Zay sold 7,053 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now 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 position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, StockNews.com downgraded 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.