Tennant (NYSE:TNC) Shares Acquired by Prudential Financial Inc.

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

Other institutional investors and hedge funds also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Tennant by 84.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock worth $51,000 after buying an additional 241 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Tennant in the fourth quarter worth approximately $59,000. KBC Group NV increased its stake in Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after acquiring an additional 394 shares during the last quarter. TD Private Client Wealth LLC raised its position 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 purchasing an additional 255 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Tennant in the 4th quarter valued at $92,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TNC shares. Northcoast Research began coverage on Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 price objective for 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.

Insider Activity at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were 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 approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Tennant Trading Up 0.4 %

NYSE:TNC traded up $0.28 during trading hours on Tuesday, reaching $80.03. 284,017 shares of the stock were exchanged, compared to its average volume of 136,603. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11. The business has a 50-day moving average of $85.03 and a two-hundred day moving average of $86.83. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 18.27 and a beta of 1.02. 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 posted 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 firm had revenue of $328.90 million for 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%. On average, equities analysts predict that Tennant will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Friday, February 28th. Tennant's payout ratio is 26.94%.

Tennant announced that its Board of Directors has authorized a share buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are 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.