Bank of New York Mellon Corp Has $13.29 Million Stock Holdings in Tennant (NYSE:TNC)

Bank of New York Mellon Corp cut its position in Tennant (NYSE:TNC) by 8.1% during the 4th quarter, HoldingsChannel reports. 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’s holdings in Tennant were worth $13,293,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TNC. Thrivent Financial for Lutherans grew its holdings in shares of Tennant by 0.5% during the third quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock worth $65,707,000 after buying an additional 3,164 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 acquiring an additional 5,862 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 valued at $24,310,000 after purchasing an additional 3,975 shares during the last quarter. Jacobson & Schmitt Advisors LLC grew its stake 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 valued at $10,417,000 after buying an additional 16,934 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Tennant by 3.6% in 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 purchasing an additional 3,518 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Stock Performance

TNC opened at $82.46 on Thursday. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 18.83 and a beta of 1.02. The company’s fifty day moving average price is $85.04 and its two-hundred day moving average price is $88.02.

Tennant (NYSE:TNC) 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 return on equity of 19.98% and a net margin of 6.51%. The business had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. On average, analysts expect that Tennant will post 5.89 EPS for the current fiscal year.

Tennant announced that its Board of Directors 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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 dividend yield of 1.43%. The ex-dividend date is Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction 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. The trade was a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the company’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 completion of the transaction, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TNC has been the subject of a number of analyst reports. StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Northcoast Research assumed coverage on shares of Tennant in a report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company.

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.