Tennant (NYSE:TNC) is Prentiss Smith & Co. Inc.’s 10th Largest Position

Prentiss Smith & Co. Inc. lowered its stake in Tennant (NYSE:TNC) by 37.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 52,453 shares of the industrial products company’s stock after selling 31,175 shares during the period. Tennant makes up 3.6% of Prentiss Smith & Co. Inc.’s investment portfolio, making the stock its 10th largest position. Prentiss Smith & Co. Inc.’s holdings in Tennant were worth $4,862,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Creative Financial Designs Inc. ADV raised its holdings in shares of Tennant by 142.4% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 652 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 383 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Tennant by 118.0% during the third quarter. Daiwa Securities Group Inc. now owns 2,629 shares of the industrial products company’s stock worth $195,000 after purchasing an additional 1,423 shares during the last quarter. Sherbrooke Park Advisers LLC purchased a new position in shares of Tennant during the third quarter worth $200,000. Mackenzie Financial Corp purchased a new position in shares of Tennant during the fourth quarter worth $231,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Tennant during the third quarter worth $234,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Insider Buying and Selling at Tennant

In other news, SVP Kristin A. Erickson sold 556 shares of Tennant stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $110.00, for a total value of $61,160.00. Following the sale, the senior vice president now owns 10,698 shares in the company, valued at $1,176,780. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Richard H. Zay sold 14,743 shares of Tennant stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the sale, the insider now owns 11,095 shares in the company, valued at $1,222,558.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kristin A. Erickson sold 556 shares of Tennant stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the sale, the senior vice president now owns 10,698 shares in the company, valued at approximately $1,176,780. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,597 shares of company stock valued at $1,953,293. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, CL King initiated coverage on shares of Tennant in a report on Thursday, December 28th. They set a “buy” rating and a $112.00 target price for the company.

Tennant Stock Performance

TNC traded down $1.80 on Thursday, reaching $115.51. The stock had a trading volume of 119,296 shares, compared to its average volume of 136,112. Tennant has a 12-month low of $64.88 and a 12-month high of $124.11. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.34. The business’s 50-day moving average price is $114.34 and its two-hundred day moving average price is $96.51. The company has a market cap of $2.20 billion, a P/E ratio of 20.12 and a beta of 1.10.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The company had revenue of $311.40 million during the quarter, compared to analysts’ expectations of $309.87 million. During the same quarter in the previous year, the company earned $1.46 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. Sell-side analysts forecast that Tennant will post 6.44 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 0.97%. Tennant’s payout ratio is 19.21%.

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.