Tennant (NYSE:TNC) Shares Acquired by Invesco Ltd.

Invesco Ltd. boosted its holdings in Tennant (NYSE:TNC - Free Report) by 9.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,421 shares of the industrial products company's stock after purchasing an additional 16,695 shares during the quarter. Invesco Ltd. owned about 1.03% of Tennant worth $15,770,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Jane Street Group LLC boosted its holdings in shares of Tennant by 77.3% in the 3rd quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company's stock valued at $2,932,000 after buying an additional 13,311 shares in the last quarter. Barclays PLC lifted its position in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock valued at $3,857,000 after acquiring an additional 27,712 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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. Franklin Resources Inc. grew its holdings in shares of Tennant by 1.3% during the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after purchasing an additional 169 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Tennant by 93.1% during the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company's stock worth $4,672,000 after purchasing an additional 23,460 shares in the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Stock Up 0.0 %

TNC stock opened at $69.87 on Monday. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 15.95 and a beta of 0.97. The company has a fifty day moving average price of $80.83 and a 200 day moving average price of $84.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a 12 month low of $67.80 and a 12 month high of $119.71.

Tennant (NYSE:TNC - Get Free Report) last announced its earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.13. The business had revenue of $328.90 million during the quarter, compared to analysts' expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Sell-side analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its Board of Directors has approved a share repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.69%. Tennant's dividend payout ratio is currently 26.94%.

Insider Activity at Tennant

In related news, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the sale, the insider now directly owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares of the company's stock, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com cut Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

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.

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