SBI Securities Co. Ltd. Makes New Investment in Tennant (NYSE:TNC)

SBI Securities Co. Ltd. bought a new stake in Tennant (NYSE:TNC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 723 shares of the industrial products company’s stock, valued at approximately $59,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lightrock Netherlands B.V. bought a new position in Tennant during the 4th quarter worth approximately $4,957,000. Eagle Asset Management Inc. bought a new position in shares of Tennant during the third quarter worth $3,873,000. New York State Common Retirement Fund grew its holdings in shares of Tennant by 555.4% in the 4th quarter. New York State Common Retirement Fund now owns 43,514 shares of the industrial products company’s stock valued at $3,548,000 after buying an additional 36,875 shares during the period. Barclays PLC increased its position in shares of Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after buying an additional 27,712 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in 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 acquiring an additional 23,460 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Stock Down 2.2 %

TNC stock opened at $84.63 on Tuesday. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The business’s 50 day simple moving average is $84.95 and its 200 day simple moving average is $88.13. 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 firm has a market capitalization of $1.59 billion, a PE ratio of 19.32 and a beta of 1.02.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. As a group, research analysts anticipate that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has initiated a stock buyback 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 reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio is currently 26.94%.

Insider Activity at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the firm’s stock in a transaction that occurred on 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 owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TNC shares. Northcoast Research began coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 target price for the company. StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th.

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.