Tennant (NYSE:TNC) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers increased its stake in Tennant (NYSE:TNC) by 4.4% in the fourth quarter, Holdings Channel reports. The firm owned 56,903 shares of the industrial products company’s stock after purchasing an additional 2,418 shares during the period. Rhumbline Advisers’ holdings in Tennant were worth $4,639,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Van ECK Associates Corp lifted its stake in shares of Tennant by 21.6% during the fourth quarter. Van ECK Associates Corp now owns 38,895 shares of the industrial products company’s stock worth $3,171,000 after buying an additional 6,917 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Tennant by 171.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 31,080 shares of the industrial products company’s stock worth $2,520,000 after acquiring an additional 19,613 shares during the last quarter. Lightrock Netherlands B.V. acquired a new stake in Tennant during the 4th quarter worth about $4,957,000. Entropy Technologies LP purchased a new stake in Tennant during the 4th quarter valued at about $228,000. Finally, Harvey Investment Co. LLC acquired a new position in shares of Tennant in the fourth quarter valued at about $493,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

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 stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on TNC shares. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday. 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 for the company.

Tennant Price Performance

NYSE:TNC opened at $85.34 on Friday. The firm’s fifty day moving average is $84.40 and its two-hundred day moving average is $88.66. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 19.48 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 1.97. Tennant has a one year low of $78.57 and a one year high of $124.11.

Tennant (NYSE:TNC) last issued its 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. The firm had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. Research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has authorized a stock buyback program on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, February 28th. Tennant’s dividend payout ratio (DPR) 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.