Quantbot Technologies LP Has $898,000 Stock Position in Tennant (NYSE:TNC)

Quantbot Technologies LP raised its holdings in shares of Tennant (NYSE:TNC) by 101.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,013 shares of the industrial products company’s stock after purchasing an additional 5,534 shares during the period. Quantbot Technologies LP’s holdings in Tennant were worth $898,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of TNC. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tennant during the third quarter worth approximately $1,037,000. Intech Investment Management LLC bought a new stake in shares of Tennant during the 3rd quarter valued at $386,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Tennant by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company’s stock valued at $24,310,000 after purchasing an additional 3,975 shares during the period. Cerity Partners LLC boosted its position in shares of Tennant by 21.1% in the 3rd quarter. Cerity Partners LLC now owns 90,173 shares of the industrial products company’s stock worth $8,660,000 after purchasing an additional 15,722 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Tennant by 14.7% in the 3rd quarter. FMR LLC now owns 45,890 shares of the industrial products company’s stock worth $4,407,000 after purchasing an additional 5,891 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

Insider Buying and Selling

In related news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction dated Monday, February 24th. The stock was 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 directly owns 25,770 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the business’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 value of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. The trade was 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.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TNC. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th. Northcoast Research began coverage on shares of Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective on the stock.

Tennant Price Performance

TNC opened at $82.03 on Thursday. The stock has a market cap of $1.54 billion, a P/E ratio of 18.73 and a beta of 1.02. Tennant has a 12 month low of $78.57 and a 12 month high of $124.11. 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 company has a fifty day simple moving average of $85.39 and a 200 day simple moving average of $87.15.

Tennant (NYSE:TNC) last released its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS 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 company had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. On average, research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant announced that its Board of Directors has approved a share buyback program on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is 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 dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, February 28th. Tennant’s dividend payout ratio is 26.94%.

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.