KLP Kapitalforvaltning AS Makes New $726,000 Investment in Tennant (NYSE:TNC)

KLP Kapitalforvaltning AS purchased a new stake in shares of Tennant (NYSE:TNC) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 8,900 shares of the industrial products company’s stock, valued at approximately $726,000.

Several other institutional investors have also recently made changes to their positions in TNC. Albert D Mason Inc. grew its position in Tennant by 1.5% during the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock worth $800,000 after buying an additional 145 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Tennant by 1.3% during the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after acquiring an additional 169 shares during the last quarter. US Bancorp DE grew its holdings in shares of Tennant by 0.8% during the fourth quarter. US Bancorp DE now owns 29,028 shares of the industrial products company’s stock worth $2,367,000 after purchasing an additional 224 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Tennant by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock worth $4,173,000 after purchasing an additional 239 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 241 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

NYSE:TNC opened at $80.03 on Wednesday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 18.27 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The business has a 50 day moving average of $85.03 and a 200 day moving average of $86.83.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The business had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. On average, sell-side analysts predict that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.295 per share. The ex-dividend date was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.47%. Tennant’s dividend payout ratio is currently 26.94%.

Tennant announced that its board has authorized a stock repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on TNC. Northcoast Research started coverage on shares of Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target for the company. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th.

Insider Buying and Selling at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

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.