Y Intercept Hong Kong Ltd Sells 6,491 Shares of Tennant (NYSE:TNC)

Y Intercept Hong Kong Ltd lowered its position in Tennant (NYSE:TNC) by 43.1% in the 4th quarter, Holdings Channel reports. The fund owned 8,586 shares of the industrial products company’s stock after selling 6,491 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Tennant were worth $700,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TNC. Point72 Asia Singapore Pte. Ltd. raised its position 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 acquiring an additional 241 shares in the last quarter. KBC Group NV raised its position in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 394 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 255 shares in the last quarter. R Squared Ltd bought a new position in shares of Tennant in the 4th quarter worth approximately $92,000. Finally, Millburn Ridgefield Corp raised its position in shares of Tennant by 453.4% in the 3rd quarter. Millburn Ridgefield Corp now owns 1,212 shares of the industrial products company’s stock worth $116,000 after acquiring an additional 993 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

Tennant stock opened at $86.72 on Friday. 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 has a market capitalization of $1.63 billion, a P/E ratio of 19.80 and a beta of 1.01. The stock’s 50 day moving average is $84.47 and its 200 day moving average is $88.64. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11.

Tennant (NYSE:TNC) last issued its earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating 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 business had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. On average, equities research analysts predict that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.295 per share. The ex-dividend date is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.36%. Tennant’s dividend payout ratio is 26.94%.

Insider Buying and Selling at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the 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 sale, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TNC shares. Northcoast Research started coverage on 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 downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday.

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.