Vanguard Group Inc. Raises Holdings in Tennant (NYSE:TNC)

Vanguard Group Inc. boosted its stake in Tennant (NYSE:TNC) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,394,271 shares of the industrial products company’s stock after purchasing an additional 12,422 shares during the period. Vanguard Group Inc. owned about 0.13% of Tennant worth $195,205,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 241 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Tennant during the 4th quarter valued at $59,000. KBC Group NV grew its holdings in Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 394 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Tennant by 43.7% in the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 255 shares during the period. Finally, R Squared Ltd bought a new position in shares of Tennant during the fourth quarter valued at about $92,000. Institutional investors own 93.33% of the company’s stock.

Tennant Stock Down 1.6 %

Shares of NYSE TNC opened at $74.35 on Monday. The firm has a fifty day simple moving average of $84.47 and a two-hundred day simple moving average of $86.48. Tennant has a 12 month low of $71.81 and a 12 month high of $122.35. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.40 billion, a PE ratio of 16.97 and a beta of 0.97.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. Equities analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Friday, February 28th. Tennant’s payout ratio is presently 26.94%.

Tennant declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on TNC shares. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective on the stock.

Insider Activity

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

Tennant Company 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.