Vestcor Inc Decreases Stock Position in Tennant (NYSE:TNC)

Vestcor Inc lowered its stake in Tennant (NYSE:TNC) by 83.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,677 shares of the industrial products company’s stock after selling 29,167 shares during the period. Vestcor Inc’s holdings in Tennant were worth $463,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TNC. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after buying an additional 241 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Tennant in the fourth quarter worth about $59,000. KBC Group NV increased its holdings in Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 394 shares during the period. TD Private Client Wealth LLC increased its holdings in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 255 shares during the period. Finally, R Squared Ltd purchased a new position in Tennant during the 4th quarter valued at about $92,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

Tennant stock opened at $84.53 on Monday. The stock’s 50 day simple moving average is $85.12 and its two-hundred day simple moving average is $87.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 19.30 and a beta of 1.02. Tennant has a fifty-two week low of $78.57 and a fifty-two week high of $124.11.

Tennant (NYSE:TNC) last posted 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 business had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. As a group, analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.40%. Tennant’s dividend payout ratio is currently 26.94%.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on TNC shares. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research started coverage on Tennant in a report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target on the stock.

Insider Transactions at Tennant

In related news, 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 value of $617,701.74. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.