Trexquant Investment LP Boosts Stock Position in Tennant (NYSE:TNC)

Trexquant Investment LP grew its holdings in Tennant (NYSE:TNC) by 104.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,141 shares of the industrial products company’s stock after purchasing an additional 26,118 shares during the period. Trexquant Investment LP owned about 0.27% of Tennant worth $4,170,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jane Street Group LLC increased its stake in Tennant by 77.3% in the 3rd quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock worth $2,932,000 after buying an additional 13,311 shares during the period. 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 worth $41,971,000 after acquiring an additional 5,862 shares during the period. Barclays PLC raised its stake 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 valued at $3,857,000 after acquiring an additional 27,712 shares in the last quarter. Amundi boosted its holdings in shares of Tennant by 190.4% in the fourth quarter. Amundi now owns 9,666 shares of the industrial products company’s stock valued at $773,000 after purchasing an additional 6,338 shares during the period. Finally, Janus Henderson Group PLC grew its stake in Tennant by 4.0% in the third quarter. Janus Henderson Group PLC now owns 25,975 shares of the industrial products company’s stock worth $2,494,000 after purchasing an additional 1,008 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Tennant Stock Performance

Shares of TNC stock opened at $74.35 on Friday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 16.97 and a beta of 0.97. Tennant has a 52-week low of $71.81 and a 52-week high of $122.35. 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 company’s 50 day moving average is $84.47 and its 200 day moving average is $86.53.

Tennant (NYSE:TNC) last announced its quarterly earnings results 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. The business had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. On average, sell-side analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.59%. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Tennant declared that its board 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. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

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.