Tennant Company $TNC Shares Sold by Royce & Associates LP

Royce & Associates LP reduced its holdings in shares of Tennant Company (NYSE:TNC) by 50.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,000 shares of the industrial products company’s stock after selling 40,500 shares during the period. Royce & Associates LP owned about 0.22% of Tennant worth $3,242,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL grew its stake in shares of Tennant by 5.0% in the second quarter. Gamco Investors INC. ET AL now owns 498,202 shares of the industrial products company’s stock worth $38,601,000 after acquiring an additional 23,552 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Tennant by 26.6% in the third quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock valued at $35,261,000 after acquiring an additional 91,382 shares in the last quarter. River Road Asset Management LLC boosted its holdings in Tennant by 131.0% in the second quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock valued at $19,823,000 after purchasing an additional 136,221 shares during the period. First Trust Advisors LP boosted its holdings in Tennant by 6.2% in the second quarter. First Trust Advisors LP now owns 236,633 shares of the industrial products company’s stock valued at $18,334,000 after purchasing an additional 13,846 shares during the period. Finally, Gabelli Funds LLC grew its stake in Tennant by 2.9% during the 2nd quarter. Gabelli Funds LLC now owns 172,987 shares of the industrial products company’s stock worth $13,403,000 after purchasing an additional 4,887 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tennant

In related news, Director James T. Jr. Glerum bought 8,163 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were purchased at an average cost of $61.25 per share, with a total value of $499,983.75. Following the transaction, the director directly owned 8,600 shares of the company’s stock, valued at approximately $526,750. This represents a 1,867.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Donal L. Mulligan purchased 3,000 shares of Tennant stock in a transaction that occurred on Friday, February 27th. The stock was bought at an average cost of $61.61 per share, with a total value of $184,830.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at $492,880. The trade was a 60.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 20,163 shares of company stock valued at $1,261,674 in the last quarter. Company insiders own 2.60% of the company’s stock.

Tennant Trading Down 1.5%

TNC opened at $61.91 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.37 and a current ratio of 2.05. Tennant Company has a one year low of $60.17 and a one year high of $87.72. The company has a market cap of $1.11 billion, a P/E ratio of 26.46, a PEG ratio of 1.86 and a beta of 1.07. The business’s 50-day simple moving average is $76.05 and its 200-day simple moving average is $77.51.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, February 27th. Tennant’s dividend payout ratio is currently 52.99%.

Wall Street Analyst Weigh In

TNC has been the topic of a number of analyst reports. Freedom Capital lowered Tennant from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a research report on Monday, December 29th. Wall Street Zen lowered shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research downgraded shares of Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Finally, Roth Mkm reiterated a “buy” rating and set a $91.00 price target (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $91.00.

Tennant Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.