Invesco Ltd. Grows Stock Position in Tennant (NYSE:TNC)

Invesco Ltd. raised its holdings in Tennant (NYSE:TNC) by 9.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,421 shares of the industrial products company’s stock after buying an additional 16,695 shares during the quarter. Invesco Ltd.’s holdings in Tennant were worth $15,770,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TNC. Vanguard Group Inc. grew its holdings in Tennant by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after purchasing an additional 12,422 shares during the period. Geode Capital Management LLC increased its holdings in shares of Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock worth $41,971,000 after buying an additional 5,862 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tennant by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock worth $21,117,000 after buying an additional 5,890 shares during the period. Prudential Financial Inc. grew its position in Tennant by 11.2% during the fourth quarter. Prudential Financial Inc. now owns 204,226 shares of the industrial products company’s stock valued at $16,651,000 after acquiring an additional 20,627 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Tennant by 204.4% during the fourth quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company’s stock worth $12,072,000 after acquiring an additional 99,423 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Insider Transactions at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the transaction, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the company’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 value of $617,701.74. Following the sale, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

Tennant Trading Up 0.0 %

NYSE:TNC opened at $69.87 on Monday. The business’s 50-day moving average is $80.83 and its two-hundred day moving average is $84.59. The firm has a market capitalization of $1.31 billion, a PE ratio of 15.95 and a beta of 0.97. Tennant has a 12 month low of $67.80 and a 12 month high of $119.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43.

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

Tennant announced that its board has initiated a stock buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.295 per share. The ex-dividend date was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.69%. Tennant’s dividend payout ratio is presently 26.94%.

Tennant 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.