Clearbridge Investments LLC Sells 48,093 Shares of Tennant (NYSE:TNC)

Clearbridge Investments LLC decreased its holdings in Tennant (NYSE:TNC) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 763,308 shares of the industrial products company’s stock after selling 48,093 shares during the period. Clearbridge Investments LLC owned 4.02% of Tennant worth $92,826,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Trexquant Investment LP lifted its holdings in shares of Tennant by 53.1% in the 4th quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock valued at $3,488,000 after acquiring an additional 13,060 shares during the last quarter. Norges Bank bought a new position in shares of Tennant in the 4th quarter valued at about $12,193,000. Inspire Investing LLC lifted its holdings in shares of Tennant by 141.5% in the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock valued at $1,250,000 after acquiring an additional 6,021 shares during the last quarter. Allianz Asset Management GmbH bought a new position in shares of Tennant in the 4th quarter valued at about $4,930,000. Finally, Nebula Research & Development LLC bought a new position in shares of Tennant in the 4th quarter valued at about $821,000. Institutional investors own 93.33% of the company’s stock.

Tennant Trading Down 1.7 %

NYSE TNC traded down $1.87 during trading on Wednesday, hitting $106.36. The stock had a trading volume of 71,518 shares, compared to its average volume of 127,343. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 17.85 and a beta of 1.02. Tennant has a one year low of $72.81 and a one year high of $124.11. The stock has a 50 day simple moving average of $100.98 and a 200 day simple moving average of $105.09.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Friday, May 3rd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.36. The business had revenue of $311.00 million during the quarter, compared to the consensus estimate of $314.10 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. Sell-side analysts predict that Tennant will post 6.56 earnings per share for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Friday, May 31st. Tennant’s payout ratio is currently 18.60%.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Tennant from a “buy” rating to a “strong-buy” rating in a report on Tuesday.

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.