Marshall Wace LLP Invests $1.31 Million in Tennant (NYSE:TNC)

Marshall Wace LLP acquired a new position in shares of Tennant (NYSE:TNC) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 16,053 shares of the industrial products company’s stock, valued at approximately $1,309,000. Marshall Wace LLP owned about 0.09% of Tennant as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Walleye Capital LLC acquired a new stake in shares of Tennant during the 4th quarter worth $456,000. XTX Topco Ltd increased its holdings in shares of Tennant by 46.3% during the 4th quarter. XTX Topco Ltd now owns 7,073 shares of the industrial products company’s stock worth $577,000 after buying an additional 2,239 shares during the last quarter. Barclays PLC increased its holdings in Tennant by 3.9% in the 4th quarter. Barclays PLC now owns 41,707 shares of the industrial products company’s stock valued at $3,401,000 after purchasing an additional 1,556 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after purchasing an additional 142 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in Tennant by 668.9% in the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 301 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Stock Up 0.6 %

Shares of NYSE TNC opened at $72.74 on Tuesday. Tennant has a 12-month low of $67.57 and a 12-month high of $117.48. The company has a market cap of $1.37 billion, a P/E ratio of 16.61 and a beta of 0.97. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average price of $78.86 and a 200 day moving average price of $83.69.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $324.00 million. Research analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s payout ratio is 26.94%.

Tennant announced that its board has initiated a stock buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Separately, StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

Insider Buying and Selling at Tennant

In related news, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the sale, the insider now directly 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 legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the company’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 sale, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate 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.