Globeflex Capital L P Trims Stock Position in Tennant (NYSE:TNC)

Globeflex Capital L P cut its position in shares of Tennant (NYSE:TNC) by 12.9% during the fourth quarter, according to its most recent Form 13F filing 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 period. Globeflex Capital L P’s holdings in Tennant were worth $830,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Algert Global LLC raised its stake in shares of Tennant by 16.3% in the 3rd quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock valued at $4,167,000 after acquiring an additional 6,085 shares during the period. Eagle Asset Management Inc. purchased a new stake in shares of Tennant in the 3rd quarter valued at approximately $3,873,000. Jane Street Group LLC raised its stake 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 during the period. Geode Capital Management LLC raised its stake in shares of Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after acquiring an additional 5,862 shares during the period. Finally, Barclays PLC raised its stake in shares of Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after acquiring an additional 27,712 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Trading Up 2.4 %

Shares of TNC stock opened at $84.53 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The stock has a market capitalization of $1.59 billion, a P/E ratio of 19.30 and a beta of 1.02. The company has a 50 day moving average price of $85.12 and a 200 day moving average price of $87.89. Tennant has a fifty-two week low of $78.57 and a fifty-two week high of $124.11.

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

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Tennant declared that its board has approved a share buyback 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 purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. 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 business’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 transaction, 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 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.