71,502 Shares in Tennant (NYSE:TNC) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Tennant (NYSE:TNC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 71,502 shares of the industrial products company's stock, valued at approximately $5,830,000. Raymond James Financial Inc. owned 0.38% of Tennant at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Aigen Investment Management LP grew its holdings in shares of Tennant by 227.6% during the fourth quarter. Aigen Investment Management LP now owns 8,331 shares of the industrial products company's stock valued at $679,000 after purchasing an additional 5,788 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Tennant by 24.0% during the 4th quarter. Victory Capital Management Inc. now owns 21,720 shares of the industrial products company's stock worth $1,771,000 after buying an additional 4,202 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Tennant by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company's stock worth $21,117,000 after acquiring an additional 5,890 shares during the period. SBI Securities Co. Ltd. bought a new stake in Tennant during the fourth quarter worth approximately $59,000. Finally, US Bancorp DE lifted its holdings in shares of Tennant by 0.8% in the fourth quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock valued at $2,367,000 after buying an additional 224 shares during the period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

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Tennant Stock Down 1.9 %

Tennant stock traded down $1.61 during mid-day trading on Friday, hitting $80.86. The company's stock had a trading volume of 114,201 shares, compared to its average volume of 136,147. Tennant has a 52-week low of $78.57 and a 52-week high of $124.11. The company has a market cap of $1.52 billion, a PE ratio of 18.46 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The firm's 50 day moving average is $85.35 and its 200 day moving average is $87.12.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating 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 net margin of 6.51% and a return on equity of 19.98%. On average, analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its Board of Directors has approved a share buyback program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Friday, February 28th. Tennant's dividend payout ratio is presently 26.94%.

Insider Buying and Selling

In other Tennant news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the transaction, the senior vice president now directly owns 11,829 shares of the company's stock, valued at $1,022,262.18. The trade was a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. StockNews.com downgraded 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 report on Thursday, December 19th. They issued a "buy" rating and a $125.00 target price for the company.

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.