Tennant (NYSE:TNC) Insider Richard H. Zay Sells 7,053 Shares

Tennant (NYSE:TNC - Get Free Report) insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 25,770 shares of the company's stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Tennant Stock Up 2.0 %

Shares of TNC traded up $1.69 during mid-day trading on Friday, hitting $86.72. 196,112 shares of the company traded hands, compared to its average volume of 181,316. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.63 billion, a PE ratio of 19.80 and a beta of 1.01. The business has a 50 day moving average of $84.60 and a 200 day moving average of $88.61.

Tennant (NYSE:TNC - Get Free Report) last released its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $324.00 million. Equities research analysts anticipate that Tennant will post 5.89 EPS for the current year.

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Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.36%. Tennant's dividend payout ratio is currently 26.94%.

Tennant announced that its Board of Directors has authorized a stock 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 repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Tennant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its stake in shares of Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after purchasing an additional 301 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 241 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Tennant in the fourth quarter valued at about $59,000. TD Private Client Wealth LLC grew its position in shares of Tennant by 43.7% in the third 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. Finally, KBC Group NV grew its position in shares of Tennant by 69.5% in the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 394 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TNC shares. StockNews.com downgraded Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Northcoast Research initiated coverage on Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price on the stock.

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.