Tennant Company $TNC Shares Sold by P2 Capital Partners LLC

P2 Capital Partners LLC lowered its holdings in shares of Tennant Company (NYSE:TNC) by 4.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 484,950 shares of the industrial products company’s stock after selling 20,000 shares during the quarter. Tennant accounts for about 7.6% of P2 Capital Partners LLC’s portfolio, making the stock its 6th biggest position. P2 Capital Partners LLC owned about 2.68% of Tennant worth $39,310,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TNC. Gamco Investors INC. ET AL grew its position in shares of Tennant by 0.3% in the 3rd quarter. Gamco Investors INC. ET AL now owns 499,795 shares of the industrial products company’s stock valued at $40,513,000 after purchasing an additional 1,593 shares during the period. American Century Companies Inc. raised its holdings in Tennant by 26.6% during the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock worth $35,261,000 after buying an additional 91,382 shares during the period. River Road Asset Management LLC raised its holdings in Tennant by 131.0% during the 2nd quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock worth $19,823,000 after buying an additional 136,221 shares during the period. First Trust Advisors LP lifted its stake 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 buying an additional 13,846 shares in the last quarter. Finally, Gabelli Funds LLC lifted its stake in Tennant by 2.9% in the second quarter. Gabelli Funds LLC now owns 172,987 shares of the industrial products company’s stock valued at $13,403,000 after buying an additional 4,887 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director David Windley sold 3,694 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $63.86, for a total transaction of $235,898.84. Following the completion of the transaction, the director directly owned 7,422 shares in the company, valued at $473,968.92. This represents a 33.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Donal L. Mulligan acquired 3,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was bought at an average price of $61.61 per share, with a total value of $184,830.00. Following the acquisition, the director directly owned 8,000 shares in the company, valued at $492,880. This represents a 60.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 20,163 shares of company stock worth $1,261,674. 2.60% of the stock is currently owned by company insiders.

Tennant Price Performance

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

Tennant Announces Dividend

The firm 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 1.9%. The ex-dividend date is Friday, February 27th. Tennant’s payout ratio is presently 52.99%.

Tennant Company 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.