Victory Capital Management Inc. Raises Position in Tennant (NYSE:TNC)

Victory Capital Management Inc. increased its position in Tennant (NYSE:TNC - Free Report) by 24.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,720 shares of the industrial products company's stock after purchasing an additional 4,202 shares during the period. Victory Capital Management Inc. owned approximately 0.12% of Tennant worth $1,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Thrivent Financial for Lutherans lifted its holdings in shares of Tennant by 0.5% in the third quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company's stock valued at $65,707,000 after purchasing an additional 3,164 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tennant in the 3rd quarter valued at $1,037,000. Intech Investment Management LLC bought a new position in Tennant during the 3rd quarter valued at $386,000. Charles Schwab Investment Management Inc. boosted its holdings in Tennant by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company's stock worth $24,310,000 after acquiring an additional 3,975 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in shares of Tennant in the 3rd quarter worth $3,873,000. Institutional investors own 93.33% of the company's stock.

Wall Street Analyst Weigh In

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

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Tennant Stock Performance

Shares of NYSE TNC traded down $2.57 during mid-day trading on Friday, reaching $81.94. 161,787 shares of the company's stock were exchanged, compared to its average volume of 127,833. The firm has a 50-day moving average price of $85.43 and a two-hundred day moving average price of $87.54. 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 has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.71 and a beta of 1.02. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11.

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

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 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's dividend payout ratio (DPR) is presently 26.94%.

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

Insider Activity at Tennant

In other Tennant news, 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 value of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction that occurred 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 directly owns 25,770 shares of the company's stock, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

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.