Norges Bank Makes New Investment in Tennant (NYSE:TNC)

Norges Bank purchased a new position in Tennant (NYSE:TNC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 127,775 shares of the industrial products company's stock, valued at approximately $10,417,000. Norges Bank owned about 0.68% of Tennant at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TNC. SBI Securities Co. Ltd. acquired a new position in Tennant during the 4th quarter worth $59,000. KBC Group NV lifted its position in shares of Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after purchasing an additional 394 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock valued at $81,000 after purchasing an additional 255 shares during the period. R Squared Ltd acquired a new stake in Tennant in the 4th quarter valued at approximately $92,000. Finally, Entropy Technologies LP bought a new position in Tennant in the 4th quarter worth approximately $228,000. Institutional investors own 93.33% of the company's stock.

Tennant Stock Performance

Shares of NYSE TNC traded down $0.12 during trading hours on Friday, reaching $71.02. The stock had a trading volume of 130,994 shares, compared to its average volume of 139,532. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 16.22 and a beta of 0.97. Tennant has a twelve month low of $67.80 and a twelve month high of $119.71. The business's fifty day moving average is $82.48 and its two-hundred day moving average is $85.42. 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 - Get Free Report) last released its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.13. The company had revenue of $328.90 million during 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%. As a group, research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.66%. The ex-dividend date was Friday, February 28th. Tennant's dividend payout ratio is 26.94%.

Tennant announced that its Board of Directors has approved a share repurchase program on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

TNC has been the topic of several research analyst reports. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. Northcoast Research started coverage on shares of Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 price objective for the company.

Insider Buying and Selling at Tennant

In related news, insider Richard H. Zay sold 7,053 shares of the firm's 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 completion of the sale, the insider now directly owns 25,770 shares of the company's stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the business's stock in a transaction on 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 represents a 12.68 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

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.