Tennant (NYSE:TNC) Shares Bought by Martingale Asset Management L P

Martingale Asset Management L P grew its holdings in shares of Tennant (NYSE:TNC) by 1.8% in the fourth quarter, HoldingsChannel reports. The fund owned 33,776 shares of the industrial products company’s stock after buying an additional 583 shares during the period. Martingale Asset Management L P’s holdings in Tennant were worth $2,754,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new stake in shares of Tennant during the fourth quarter worth $59,000. KBC Group NV raised its stake in shares of Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 394 shares in the last quarter. TD Private Client Wealth LLC grew its position in Tennant by 43.7% in the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 255 shares in the last quarter. R Squared Ltd bought a new stake in Tennant in the fourth quarter worth $92,000. Finally, New Age Alpha Advisors LLC acquired a new stake in Tennant in the 4th quarter worth approximately $104,000. Institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TNC shares. 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 began coverage on Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective on the stock.

Tennant Stock Down 3.9 %

Shares of Tennant stock opened at $70.78 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The business has a 50-day moving average of $82.76 and a two-hundred day moving average of $85.66. Tennant has a 1 year low of $67.80 and a 1 year high of $119.71. The company has a market capitalization of $1.33 billion, a P/E ratio of 16.16 and a beta of 0.97.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 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 analysts’ expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. As a group, equities analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders 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 1.67%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is 26.94%.

Tennant declared that its Board of Directors has approved 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 reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction 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 completion of the sale, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This trade represents a 12.68 % 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, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction on 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 in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.