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 firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Tennant Stock Up 0.1 %

Shares of NYSE TNC traded up $0.11 during mid-day trading on Tuesday, reaching $87.43. The company had a trading volume of 164,804 shares, compared to its average volume of 179,872. Tennant has a 52-week low of $78.57 and a 52-week high of $124.11. The stock has a market cap of $1.65 billion, a P/E ratio of 19.96 and a beta of 1.01. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm has a 50 day simple moving average of $84.22 and a two-hundred day simple moving average of $88.73.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Sell-side analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

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 given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, February 28th. Tennant’s payout ratio is 26.94%.

Tennant announced that its board has authorized a share 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Algert Global LLC grew its stake in shares of Tennant by 16.3% during the 3rd quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock worth $4,167,000 after purchasing an additional 6,085 shares during the period. Eagle Asset Management Inc. purchased a new stake in Tennant during the third quarter worth about $3,873,000. Jane Street Group LLC grew its position in Tennant by 77.3% during the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock worth $2,932,000 after buying an additional 13,311 shares during the period. Geode Capital Management LLC increased its holdings in Tennant by 1.4% in the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after buying an additional 5,862 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Tennant by 222.8% during the 3rd 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 during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

TNC has been the topic of a number of recent analyst reports. Northcoast Research assumed coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective on the stock. StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 19th.

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.