P2 Capital Partners LLC Reduces Stock Holdings in Tennant Company $TNC

P2 Capital Partners LLC lessened its stake in Tennant Company (NYSE:TNC) by 4.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 484,950 shares of the industrial products company’s stock after selling 20,000 shares during the quarter. Tennant makes up approximately 7.6% of P2 Capital Partners LLC’s investment portfolio, making the stock its 6th largest position. P2 Capital Partners LLC’s holdings in Tennant were worth $39,310,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Tennant by 23.0% during the first quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company’s stock worth $364,000 after acquiring an additional 854 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Tennant by 68.8% in the 1st quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company’s stock valued at $3,966,000 after acquiring an additional 20,275 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Tennant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock valued at $899,000 after acquiring an additional 491 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Tennant by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 56,214 shares of the industrial products company’s stock worth $4,483,000 after purchasing an additional 8,421 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Tennant by 39.1% during the 1st quarter. Jane Street Group LLC now owns 38,911 shares of the industrial products company’s stock worth $3,103,000 after purchasing an additional 10,946 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Stock Performance

NYSE TNC opened at $63.80 on Friday. The firm has a 50-day moving average of $74.70 and a 200-day moving average of $76.70. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.37 and a current ratio of 2.05. The stock has a market cap of $1.14 billion, a PE ratio of 27.26, a P/E/G ratio of 1.88 and a beta of 1.07. Tennant Company has a 52-week low of $60.17 and a 52-week high of $85.90.

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 issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, February 27th. Tennant’s dividend payout ratio is currently 52.99%.

Insider Activity

In related news, CEO David W. Huml acquired 4,000 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was purchased at an average cost of $64.39 per share, for a total transaction of $257,560.00. Following the completion of the transaction, the chief executive officer directly owned 67,958 shares of the company’s stock, valued at approximately $4,375,815.62. The trade was a 6.25% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Windley sold 3,694 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $63.86, for a total value of $235,898.84. Following the sale, the director owned 7,422 shares of the company’s stock, valued at approximately $473,968.92. This represents a 33.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders acquired 20,163 shares of company stock valued at $1,261,674. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

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

About Tennant

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.