Brevan Howard Capital Management LP Cuts Stock Holdings in Tennant (NYSE:TNC)

Brevan Howard Capital Management LP lessened its position in Tennant (NYSE:TNC) by 10.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,330 shares of the industrial products company’s stock after selling 378 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Tennant were worth $271,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its holdings in Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after purchasing an additional 142 shares in the last quarter. Albert D Mason Inc. raised its position in shares of Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after buying an additional 145 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Tennant by 1.3% in the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock worth $1,213,000 after buying an additional 169 shares in the last quarter. Accredited Investors Inc. boosted its position in Tennant by 1.4% during the fourth quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company’s stock worth $1,088,000 after acquiring an additional 186 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Tennant by 5.7% during the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company’s stock valued at $299,000 after acquiring an additional 199 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Stock Performance

Shares of Tennant stock opened at $72.36 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The business’s 50 day moving average price is $76.27 and its 200 day moving average price is $82.37. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 16.52 and a beta of 1.07. Tennant has a one year low of $67.32 and a one year high of $110.45.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.26). Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. During the same period in the previous year, the firm posted $1.49 EPS. The company’s revenue was down 6.8% compared to the same quarter last year. On average, research analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has approved a stock repurchase program on Thursday, February 13th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.295 per share. The ex-dividend date is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.63%. Tennant’s dividend payout ratio is currently 32.96%.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction 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 sale, the insider now owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This trade represents a 21.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

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.