Insider Selling: Tennant (NYSE:TNC) Insider Sells 7,053 Shares of Stock

Tennant (NYSE:TNC) insider Richard H. Zay sold 7,053 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Tennant Trading Up 0.1 %

Shares of TNC traded up $0.11 during trading on Tuesday, reaching $87.43. 164,804 shares of the company traded hands, compared to its average volume of 179,872. The stock has a 50-day simple moving average of $84.22 and a 200-day simple moving average of $88.73. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11. The stock has a market cap of $1.65 billion, a PE ratio of 19.96 and a beta of 1.01.

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

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s payout ratio is 26.94%.

Tennant declared that its board has authorized a stock repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TNC. Northcoast Research started coverage on shares of Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target on the stock. StockNews.com raised shares of Tennant from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 19th.

Hedge Funds Weigh In On Tennant

Institutional investors have recently bought and sold shares of the company. Algert Global LLC boosted its stake in shares of Tennant by 16.3% in the third quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock valued at $4,167,000 after purchasing an additional 6,085 shares during the period. Eagle Asset Management Inc. acquired a new position in shares of Tennant in the third quarter worth $3,873,000. Jane Street Group LLC grew its stake in shares of Tennant by 77.3% in the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock worth $2,932,000 after acquiring an additional 13,311 shares in the last quarter. 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. Finally, Barclays PLC raised its stake in shares of Tennant by 222.8% in 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. 93.33% of the stock is owned by institutional investors and hedge funds.

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.