Quantbot Technologies LP Purchases 5,534 Shares of Tennant (NYSE:TNC)

Quantbot Technologies LP increased its holdings in Tennant (NYSE:TNC - Free Report) by 101.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,013 shares of the industrial products company's stock after buying an additional 5,534 shares during the quarter. Quantbot Technologies LP owned 0.06% of Tennant worth $898,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Tennant by 1.4% in the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock valued at $41,971,000 after acquiring an additional 5,862 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Tennant by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company's stock valued at $21,117,000 after purchasing an additional 5,890 shares during the period. Jacobson & Schmitt Advisors LLC lifted its holdings in Tennant by 15.3% in the 4th quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company's stock worth $10,417,000 after purchasing an additional 16,934 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Tennant by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock worth $8,261,000 after purchasing an additional 3,518 shares during the period. Finally, Cerity Partners LLC grew its holdings in Tennant by 21.1% during the 3rd quarter. Cerity Partners LLC now owns 90,173 shares of the industrial products company's stock valued at $8,660,000 after buying an additional 15,722 shares in the last quarter. Institutional investors own 93.33% of the company's stock.

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Tennant Price Performance

Tennant stock traded down $1.61 during midday trading on Friday, reaching $80.86. 114,201 shares of the stock traded hands, compared to its average volume of 136,142. 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 has a 12 month low of $78.57 and a 12 month high of $124.11. The stock's fifty day moving average is $85.27 and its 200-day moving average is $87.00. The stock has a market cap of $1.52 billion, a P/E ratio of 18.46 and a beta of 1.02.

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, 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 analysts' expectations of $324.00 million. As a group, equities research analysts anticipate that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.295 per share. The ex-dividend date was Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.46%. Tennant's payout ratio is currently 26.94%.

Tennant announced that its board has authorized a share buyback program on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TNC shares. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Northcoast Research assumed coverage on shares of Tennant in a research note on Thursday, December 19th. They issued a "buy" rating and a $125.00 price target on the stock.

Insider Buying and Selling at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Tennant 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.