Van ECK Associates Corp Has $3.17 Million Stake in Tennant (NYSE:TNC)

Van ECK Associates Corp raised its holdings in Tennant (NYSE:TNC) by 21.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,895 shares of the industrial products company’s stock after acquiring an additional 6,917 shares during the period. Van ECK Associates Corp owned about 0.21% of Tennant worth $3,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Tennant by 82.1% during the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after buying an additional 105,319 shares during the period. Lightrock Netherlands B.V. acquired a new position in shares of Tennant during the fourth quarter worth about $4,957,000. Eagle Asset Management Inc. acquired a new position in shares of Tennant during the third quarter worth about $3,873,000. Barclays PLC boosted its position in shares of Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after buying an additional 27,712 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Tennant by 93.1% during the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company’s stock worth $4,672,000 after buying an additional 23,460 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company. StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a research report on Wednesday.

Tennant Stock Performance

Shares of NYSE TNC opened at $88.94 on Friday. The stock has a 50 day moving average price of $84.11 and a 200 day moving average price of $88.92. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The stock has a market capitalization of $1.68 billion, a PE ratio of 20.31 and a beta of 1.01.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.92% and a net margin of 6.51%. Analysts predict that Tennant will post 5.95 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.33%. Tennant’s dividend payout ratio is 26.94%.

Tennant declared that its Board of Directors has authorized a share buyback program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Tennant 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.