Tennant (NYSE:TNC) Shares Sold by Globeflex Capital L P

Globeflex Capital L P lowered its holdings in Tennant (NYSE:TNC) by 12.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,184 shares of the industrial products company’s stock after selling 1,512 shares during the quarter. Globeflex Capital L P owned 0.05% of Tennant worth $830,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TNC. Aigen Investment Management LP acquired a new stake in Tennant during the third quarter valued at $244,000. Thrivent Financial for Lutherans grew its position in Tennant by 0.5% during the third quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock valued at $65,707,000 after buying an additional 3,164 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tennant during the third quarter valued at $1,037,000. Intech Investment Management LLC acquired a new stake in Tennant during the third quarter valued at $386,000. Finally, Charles Schwab Investment Management Inc. grew its position in Tennant by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company’s stock valued at $24,310,000 after buying an additional 3,975 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Stock Up 2.4 %

Shares of NYSE TNC opened at $84.53 on Friday. The company’s 50-day simple moving average is $85.12 and its 200-day simple moving average is $87.89. Tennant has a 52-week low of $78.57 and a 52-week high of $124.11. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 19.30 and a beta of 1.02. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last announced its 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. The business had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Equities analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its Board of Directors has approved a share 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 purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

Insider Transactions at Tennant

In other news, insider Richard H. Zay sold 7,053 shares of the firm’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 directly owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction dated Friday, February 28th. The stock was 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 in the company, 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.

Analyst Ratings Changes

Several research firms recently commented on TNC. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report 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 target price on the stock.

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.