Connor Clark & Lunn Investment Management Ltd. Buys 6,179 Shares of Tennant (NYSE:TNC)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Tennant (NYSE:TNC - Free Report) by 57.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,974 shares of the industrial products company's stock after acquiring an additional 6,179 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of Tennant worth $1,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock valued at $51,000 after buying an additional 241 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Tennant during the fourth quarter valued at about $59,000. TD Private Client Wealth LLC increased its position in shares of Tennant by 43.7% during the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock valued at $81,000 after buying an additional 255 shares during the period. KBC Group NV increased its position in shares of Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after buying an additional 394 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Tennant during the fourth quarter valued at about $92,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

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Tennant Price Performance

TNC traded down $2.57 during midday trading on Friday, hitting $81.94. The stock had a trading volume of 653,214 shares, compared to its average volume of 127,376. 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 fifty day moving average of $85.47 and a 200 day moving average of $87.38. 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 1 year low of $78.57 and a 1 year high of $124.11.

Tennant (NYSE:TNC - Get Free Report) 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 business had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. As a group, equities analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently disclosed 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. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's dividend payout ratio (DPR) is presently 26.94%.

Tennant declared that its board has initiated a share repurchase program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com cut shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th. 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.

Insider Buying and Selling

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 value of $617,701.74. Following the completion of the sale, the insider now owns 25,770 shares of the company's stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Barb Balinski sold 1,717 shares of the firm'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 sale, the senior vice president now directly owns 11,829 shares of the company's stock, valued at $1,022,262.18. The trade was a 12.68 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

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.