Vestcor Inc Sells 29,167 Shares of Tennant (NYSE:TNC)

Vestcor Inc lowered its position in shares of Tennant (NYSE:TNC - Free Report) by 83.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,677 shares of the industrial products company's stock after selling 29,167 shares during the quarter. Vestcor Inc's holdings in Tennant were worth $463,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Thrivent Financial for Lutherans boosted its position in shares of Tennant by 0.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company's stock worth $65,707,000 after purchasing an additional 3,164 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tennant by 1.4% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Tennant by 2.3% during the 4th 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. Jacobson & Schmitt Advisors LLC boosted its position in shares of Tennant by 15.3% during the 4th quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company's stock worth $10,417,000 after purchasing an additional 16,934 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Tennant by 3.6% during the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock worth $8,261,000 after purchasing an additional 3,518 shares in the last quarter. Institutional investors own 93.33% of the company's stock.

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Tennant Stock Down 0.4 %

NYSE TNC traded down $0.33 during trading hours on Thursday, hitting $84.58. The company's stock had a trading volume of 191,360 shares, compared to its average volume of 125,885. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The company has a market capitalization of $1.59 billion, a PE ratio of 19.31 and a beta of 1.02. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The company's 50-day simple moving average is $85.34 and its two-hundred day simple moving average is $87.56.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly 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. The business had revenue of $328.90 million for the quarter, compared to analysts' expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Research analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

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

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid 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 26.94%.

Insider Buying and Selling at Tennant

In other 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 completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction that occurred 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 sale, 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. Company insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Northcoast Research assumed coverage on shares of Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 price objective on the stock. StockNews.com cut shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

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.