Thrivent Financial for Lutherans Has $1.19 Million Position in Tennant (NYSE:TNC)

Thrivent Financial for Lutherans lowered its position in shares of Tennant (NYSE:TNC - Free Report) by 97.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,621 shares of the industrial products company's stock after selling 669,535 shares during the period. Thrivent Financial for Lutherans owned 0.08% of Tennant worth $1,192,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock valued at $41,971,000 after purchasing an additional 5,862 shares during the period. Charles Schwab Investment Management Inc. boosted 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 buying an additional 5,890 shares during the period. Jacobson & Schmitt Advisors LLC grew its holdings in Tennant by 15.3% in the 4th quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company's stock worth $10,417,000 after buying an additional 16,934 shares in the last quarter. Principal Financial Group Inc. increased its position in Tennant by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock valued at $8,261,000 after acquiring an additional 3,518 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Tennant in the 4th quarter valued at approximately $5,830,000. Institutional investors and hedge funds own 93.33% of the company's stock.

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Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TNC shares. Northcoast Research started 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 downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th.

Tennant Price Performance

Shares of NYSE TNC traded down $1.53 during mid-day trading on Friday, reaching $74.04. 76,893 shares of the company traded hands, compared to its average volume of 136,294. The firm has a market cap of $1.39 billion, a PE ratio of 16.89 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a fifty-two week low of $71.81 and a fifty-two week high of $124.11. The stock has a fifty day simple moving average of $84.71 and a 200-day simple moving average of $86.72.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. The company had revenue of $328.90 million for the quarter, compared to analysts' expectations of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. Equities research analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's payout ratio is 26.94%.

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

Insider Activity

In other news, insider Richard H. Zay sold 7,053 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares of the company's stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the transaction, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

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.