Rhumbline Advisers Purchases 2,418 Shares of Tennant (NYSE:TNC)

Rhumbline Advisers increased its holdings in Tennant (NYSE:TNC) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,903 shares of the industrial products company’s stock after purchasing an additional 2,418 shares during the period. Rhumbline Advisers owned approximately 0.30% of Tennant worth $4,639,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Albert D Mason Inc. lifted its holdings in shares of Tennant by 1.5% in the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after acquiring an additional 145 shares during the last quarter. Franklin Resources Inc. raised its position in Tennant by 1.3% during the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after purchasing an additional 169 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Tennant by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock valued at $4,173,000 after purchasing an additional 239 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted 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 worth $51,000 after purchasing an additional 241 shares during the period. Finally, TD Private Client Wealth LLC increased its position in shares of Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Insider Buying and Selling at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company’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 sale, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.40% of the company’s stock.

Tennant Trading Down 0.7 %

Shares of TNC opened at $85.34 on Friday. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 19.48 and a beta of 1.01. The company has a 50-day moving average of $84.40 and a 200 day moving average of $88.66. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 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. On average, research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Friday, February 28th. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Northcoast Research assumed coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective on the 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.