Tennant (NYSE:TNC) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in Tennant (NYSE:TNC - Free Report) by 204.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 148,070 shares of the industrial products company's stock after purchasing an additional 99,423 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.78% of Tennant worth $12,072,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TNC. SBI Securities Co. Ltd. bought a new stake in shares of Tennant in the 4th quarter valued at about $59,000. KBC Group NV lifted its position in 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 acquiring an additional 394 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in 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 acquiring an additional 255 shares in the last quarter. R Squared Ltd purchased a new position in Tennant in the fourth quarter worth $92,000. Finally, Entropy Technologies LP acquired a new position in shares of Tennant during the fourth quarter worth $228,000. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Stock Performance

Shares of NYSE TNC traded up $0.00 during midday trading on Friday, reaching $69.87. The company had a trading volume of 141,160 shares, compared to its average volume of 140,036. Tennant has a 1 year low of $67.80 and a 1 year high of $119.71. The business's 50-day simple moving average is $80.83 and its 200 day simple moving average is $84.70. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.31 billion, a P/E ratio of 15.95 and a beta of 0.97.

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 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 company had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. On average, analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant declared that its Board of Directors has initiated a share buyback plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders 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 1.69%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's dividend payout ratio is presently 26.94%.

Insider Buying and Selling at Tennant

In other Tennant news, 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 transaction of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Barb Balinski sold 1,717 shares of the business's stock in a transaction dated Friday, February 28th. The shares were 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 of the company's stock, valued at approximately $1,022,262.18. This trade 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.

Wall Street Analyst Weigh In

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