Insider Selling: Tennant (NYSE:TNC) SVP Sells $148,383.14 in Stock

Tennant (NYSE:TNC) SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the sale, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Tennant Stock Performance

Shares of TNC stock opened at $84.02 on Friday. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 19.18 and a beta of 1.02. 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 has a one year low of $78.57 and a one year high of $124.11. The company’s 50-day moving average is $84.77 and its 200 day moving average is $88.32.

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 the consensus estimate 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 net margin of 6.51% and a return on equity of 19.98%. Sell-side analysts expect that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors 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 1.40%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio (DPR) is currently 26.94%.

Tennant declared that its Board of Directors has initiated a share 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 purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TNC shares. Northcoast Research assumed 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 report on Thursday, February 27th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE grew its stake in shares of Tennant by 1.4% in the third quarter. US Bancorp DE now owns 28,804 shares of the industrial products company’s stock worth $2,766,000 after acquiring an additional 397 shares during the period. Creative Financial Designs Inc. ADV grew its stake in shares of Tennant by 14.6% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,093 shares of the industrial products company’s stock worth $297,000 after acquiring an additional 393 shares during the period. Van ECK Associates Corp grew its stake in shares of Tennant by 2.1% in the third quarter. Van ECK Associates Corp now owns 31,978 shares of the industrial products company’s stock worth $2,898,000 after acquiring an additional 652 shares during the period. Aigen Investment Management LP bought a new position in shares of Tennant during the 3rd quarter valued at $244,000. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Tennant by 0.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock valued at $65,707,000 after buying an additional 3,164 shares during the period. 93.33% of the stock is owned by institutional investors.

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.