Tennant (NYSE:TNC) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its stake in shares of Tennant (NYSE:TNC - Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 259,009 shares of the industrial products company's stock after purchasing an additional 5,890 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.37% of Tennant worth $21,117,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Albert D Mason Inc. raised its position in Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock worth $800,000 after acquiring an additional 145 shares in the last quarter. Franklin Resources Inc. raised its position in Tennant by 1.3% in the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after acquiring an additional 169 shares in the last quarter. US Bancorp DE raised its position in Tennant by 0.8% in the fourth quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock worth $2,367,000 after acquiring an additional 224 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tennant by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company's stock worth $4,173,000 after acquiring an additional 239 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock worth $51,000 after acquiring an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Remove Ads

Tennant Price Performance

Shares of TNC stock traded down $2.57 during mid-day trading on Friday, reaching $81.94. The stock had a trading volume of 653,214 shares, compared to its average volume of 127,376. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The company has a market cap of $1.54 billion, a P/E ratio of 18.71 and a beta of 1.02. The business has a 50-day simple moving average of $85.47 and a 200 day simple moving average of $87.38. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The business had revenue of $328.90 million during the quarter, compared to analysts' expectations of $324.00 million. On average, sell-side analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

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

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's dividend payout ratio is presently 26.94%.

Insider Buying and Selling

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 transaction of $148,383.14. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction dated Monday, February 24th. The stock was 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 of the company's stock, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.