JPMorgan Chase & Co. Has $12.07 Million Stake in Tennant (NYSE:TNC)

JPMorgan Chase & Co. raised its holdings in Tennant (NYSE:TNC) by 204.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 148,070 shares of the industrial products company’s stock after buying an additional 99,423 shares during the period. JPMorgan Chase & Co.’s holdings in Tennant were worth $12,072,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC grew its holdings in shares of Tennant by 77.3% in the 3rd quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock valued at $2,932,000 after acquiring an additional 13,311 shares in the last quarter. XTX Topco Ltd bought a new position in Tennant in the third quarter valued at approximately $464,000. Barclays PLC grew its stake in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after purchasing an additional 27,712 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock worth $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its stake in shares of Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 255 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Tennant Price Performance

Shares of NYSE TNC opened at $71.02 on Monday. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average price is $82.48 and its two-hundred day moving average price is $85.42. The company has a market cap of $1.34 billion, a PE ratio of 16.22 and a beta of 0.97. Tennant has a twelve month low of $67.80 and a twelve month high of $119.71.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates 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, analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant declared that its board has authorized a stock repurchase program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Friday, February 28th. Tennant’s payout ratio is presently 26.94%.

Analyst Upgrades and Downgrades

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

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.