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 firm’s stock in a transaction that occurred 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 of the company’s stock, 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 Securities & Exchange Commission, which is available at this link.

Tennant Trading Down 2.1 %

Shares of Tennant stock opened at $85.80 on Thursday. The stock has a market capitalization of $1.61 billion, a PE ratio of 19.59 and a beta of 1.01. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The stock has a 50 day moving average price of $84.29 and a two-hundred day moving average price of $88.68. 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 issued its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. The company 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, equities analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s payout ratio is presently 26.94%.

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Tennant

A number of hedge funds have recently added to or reduced their stakes in the stock. Semanteon Capital Management LP purchased a new stake in shares of Tennant in the third quarter worth approximately $964,000. US Bancorp DE boosted its position in shares of Tennant by 1.4% during the third quarter. US Bancorp DE now owns 28,804 shares of the industrial products company’s stock valued at $2,766,000 after buying an additional 397 shares during the last quarter. Jacobson & Schmitt Advisors LLC grew its holdings in Tennant by 4.2% during the third quarter. Jacobson & Schmitt Advisors LLC now owns 110,840 shares of the industrial products company’s stock worth $10,645,000 after buying an additional 4,472 shares in the last quarter. Creative Financial Designs Inc. ADV raised its position in Tennant by 14.6% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,093 shares of the industrial products company’s stock valued at $297,000 after buying an additional 393 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Tennant by 2.1% during the 3rd quarter. Van ECK Associates Corp now owns 31,978 shares of the industrial products company’s stock valued at $2,898,000 after acquiring an additional 652 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

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.