Renaissance Technologies LLC Raises Stock Position in Tennant (NYSE:TNC)

Renaissance Technologies LLC lifted its position in Tennant (NYSE:TNC) by 91.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 93,400 shares of the industrial products company’s stock after acquiring an additional 44,600 shares during the period. Renaissance Technologies LLC’s holdings in Tennant were worth $7,615,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TNC. Jane Street Group LLC increased its stake in Tennant by 77.3% during 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 purchasing an additional 13,311 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tennant by 1.4% during the third 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 in the last quarter. Amundi raised its holdings in Tennant by 190.4% in the 4th quarter. Amundi now owns 9,666 shares of the industrial products company’s stock worth $773,000 after acquiring an additional 6,338 shares during the last quarter. Barclays PLC boosted its stake in Tennant by 222.8% during the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after purchasing an additional 27,712 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock worth $195,205,000 after purchasing an additional 12,422 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Insider Buying and Selling

In other news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated 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 directly owns 11,829 shares in the company, valued at $1,022,262.18. This trade 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 owned by company insiders.

Tennant Stock Performance

Shares of TNC opened at $69.87 on Friday. Tennant has a 52 week low of $67.80 and a 52 week high of $119.71. 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 stock has a market cap of $1.31 billion, a price-to-earnings ratio of 15.95 and a beta of 0.97. The business has a 50-day simple moving average of $80.83 and a two-hundred day simple moving average of $84.70.

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

Tennant announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.295 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.69%. Tennant’s dividend payout ratio (DPR) is 26.94%.

Wall Street Analysts Forecast Growth

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

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.