Charles Schwab Investment Management Inc. Boosts Stock Position in Tennant (NYSE:TNC)

Charles Schwab Investment Management Inc. grew its position in Tennant (NYSE:TNC) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,009 shares of the industrial products company’s stock after acquiring an additional 5,890 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.37% of Tennant worth $21,117,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 241 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Tennant in the 4th quarter valued at approximately $59,000. TD Private Client Wealth LLC increased its holdings in shares of Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 255 shares during the last quarter. KBC Group NV increased its holdings in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after acquiring an additional 394 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Tennant in the 4th quarter valued at approximately $92,000. 93.33% of the stock is currently owned by institutional investors.

Tennant Trading Up 0.7 %

NYSE:TNC opened at $84.87 on Thursday. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The firm has a market capitalization of $1.60 billion, a P/E ratio of 19.38 and a beta of 1.02. 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 simple moving average of $85.34 and a 200 day simple moving average of $87.56.

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 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. Equities research analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has initiated a share 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 buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.39%. Tennant’s dividend payout ratio is currently 26.94%.

Insider Activity at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. 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 business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research assumed coverage on Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target for the company.

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.