Entropy Technologies LP Invests $228,000 in Tennant (NYSE:TNC)

Entropy Technologies LP bought a new stake in Tennant (NYSE:TNC) in the 4th quarter, Holdings Channel.com reports. The fund bought 2,800 shares of the industrial products company’s stock, valued at approximately $228,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TNC. Albert D Mason Inc. grew its stake in shares of Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after buying an additional 145 shares in the last quarter. Franklin Resources Inc. grew its position in Tennant by 1.3% in 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tennant by 0.6% in the 3rd 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 valued at $4,173,000 after acquiring an additional 239 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Tennant by 84.3% during 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 period. Finally, TD Private Client Wealth LLC lifted its position in shares of Tennant by 43.7% during the third 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. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective on the stock.

Tennant Stock Performance

Shares of TNC opened at $88.16 on Friday. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11. The stock has a market capitalization of $1.66 billion, a PE ratio of 15.55 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The stock has a 50-day simple moving average of $83.82 and a 200-day simple moving average of $89.53.

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.34%. Tennant’s dividend payout ratio is currently 20.81%.

Tennant announced that its Board of Directors has authorized a share buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.