Prudential Financial Inc. Grows Position in Tennant (NYSE:TNC)

Prudential Financial Inc. boosted its position in Tennant (NYSE:TNC - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 204,226 shares of the industrial products company's stock after buying an additional 20,627 shares during the period. Prudential Financial Inc. owned approximately 1.08% of Tennant worth $16,651,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TNC. Vanguard Group Inc. boosted its holdings in Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock valued at $195,205,000 after purchasing an additional 12,422 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Tennant in the fourth quarter valued at approximately $726,000. Quantbot Technologies LP grew its holdings in Tennant by 101.0% during the fourth quarter. Quantbot Technologies LP now owns 11,013 shares of the industrial products company's stock worth $898,000 after acquiring an additional 5,534 shares during the period. Semanteon Capital Management LP raised its position in Tennant by 80.4% in the fourth quarter. Semanteon Capital Management LP now owns 18,105 shares of the industrial products company's stock worth $1,476,000 after acquiring an additional 8,067 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its holdings in Tennant by 44.2% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 4,459 shares of the industrial products company's stock valued at $364,000 after acquiring an additional 1,366 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TNC shares. StockNews.com cut shares of Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. Northcoast Research began coverage on shares of Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price on the stock.

Insider Activity

In related news, insider Richard H. Zay sold 7,053 shares of the 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Barb Balinski sold 1,717 shares of the firm's 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 sale, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Tennant Price Performance

NYSE TNC traded down $0.85 during mid-day trading on Monday, hitting $79.97. The stock had a trading volume of 44,158 shares, compared to its average volume of 135,788. The company has a 50 day simple moving average of $85.27 and a 200 day simple moving average of $87.00. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 18.26 and a beta of 1.02. Tennant has a 52-week low of $77.60 and a 52-week 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.

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. Equities analysts forecast that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.295 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.48%. Tennant's dividend payout ratio is presently 26.94%.

Tennant declared that its board has authorized a share buyback 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 buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Tennant Company 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.