White Pine Capital LLC Trims Stake in Tennant (NYSE:TNC)

White Pine Capital LLC reduced its holdings in shares of Tennant (NYSE:TNC) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,450 shares of the industrial products company’s stock after selling 280 shares during the period. White Pine Capital LLC’s holdings in Tennant were worth $505,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TNC. Creative Financial Designs Inc. ADV boosted its position in shares of Tennant by 142.4% in 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 period. Daiwa Securities Group Inc. boosted its position in shares of Tennant by 118.0% in 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 period. Sherbrooke Park Advisers LLC bought a new position in shares of Tennant in the third quarter worth approximately $200,000. Mackenzie Financial Corp bought a new position in shares of Tennant in the fourth quarter worth approximately $231,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Tennant in the third quarter worth approximately $234,000. 93.33% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Carol S. Eicher sold 2,298 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total value of $267,602.10. Following the sale, the director now owns 25,540 shares of the company’s stock, valued at $2,974,133. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Kristin A. Erickson sold 556 shares of the firm’s 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 transaction, the senior vice president now owns 10,698 shares of the company’s stock, valued at approximately $1,176,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carol S. Eicher sold 2,298 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total transaction of $267,602.10. Following the completion of the transaction, the director now directly owns 25,540 shares in the company, valued at approximately $2,974,133. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,597 shares of company stock valued at $1,953,293. 2.60% of the stock is currently owned by company insiders.

Tennant Price Performance

Shares of NYSE:TNC traded up $0.17 during midday trading on Friday, reaching $115.63. 67,224 shares of the company were exchanged, compared to its average volume of 101,726. 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 fifty day moving average is $114.90 and its two-hundred day moving average is $97.05. Tennant has a one year low of $65.42 and a one year high of $124.11. The stock has a market cap of $2.20 billion, a PE ratio of 19.83 and a beta of 1.10.

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

Tennant Dividend Announcement

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

About Tennant

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.