Insider Selling: Tennant (NYSE:TNC) Insider Sells $617,701.74 in Stock

Tennant (NYSE:TNC) insider Richard H. Zay sold 7,053 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Tennant Price Performance

Shares of NYSE TNC opened at $85.34 on Friday. The firm has a market cap of $1.61 billion, a P/E ratio of 19.48 and a beta of 1.01. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The business’s 50 day moving average is $84.40 and its 200-day moving average is $88.66.

Tennant (NYSE:TNC) last announced its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. The company 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%. Equities research analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant declared that its board has approved a share buyback program 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 programs are often an indication that the company’s board of directors believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.295 per share. The ex-dividend date is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.38%. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Hedge Funds Weigh In On Tennant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Summit Investment Advisors Inc. increased its stake in shares of Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after purchasing an additional 142 shares during the last quarter. Albert D Mason Inc. increased its stake in shares of Tennant by 1.5% in the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after purchasing an additional 145 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after purchasing an additional 169 shares during the last quarter. Accredited Investors Inc. increased its stake in shares of Tennant by 1.4% in the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company’s stock valued at $1,088,000 after purchasing an additional 186 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company’s stock valued at $299,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company.

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.