Richard H. Zay Sells 7,053 Shares of Tennant (NYSE:TNC) Stock

Tennant (NYSE:TNC) insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. This represents a 21.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Tennant Trading Up 0.1 %

NYSE:TNC opened at $87.43 on Wednesday. The stock’s 50 day moving average price is $84.22 and its 200 day moving average price is $88.73. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The company has a market capitalization of $1.65 billion, a P/E ratio of 19.96 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

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 analysts’ consensus estimates of $1.39 by $0.13. The firm 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, research analysts forecast that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

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

Tennant announced that its Board of Directors has initiated a share repurchase program on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Tennant

Large investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its position in Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 301 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its position in Tennant by 84.3% during the third 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. SBI Securities Co. Ltd. bought a new stake in Tennant during the fourth quarter worth approximately $59,000. KBC Group NV boosted its position in Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 394 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in Tennant by 43.7% during the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 255 shares during the period. Institutional investors own 93.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. StockNews.com upgraded Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 19th. Northcoast Research assumed coverage on Tennant in a 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.