Richard H. Zay Sells 7,053 Shares of Tennant (NYSE:TNC) Stock

Tennant (NYSE:TNC) insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction that occurred on 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 directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Tennant Stock Performance

Shares of TNC stock opened at $85.80 on Thursday. 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 firm has a market cap of $1.61 billion, a price-to-earnings ratio of 19.59 and a beta of 1.01. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The firm’s 50-day simple moving average is $84.29 and its two-hundred day simple moving average is $88.68.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. As a group, equities analysts forecast that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given 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 dividend yield of 1.38%. Tennant’s dividend payout ratio is presently 26.94%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TNC. 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. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Institutional Investors Weigh In On Tennant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 301 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Tennant by 84.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Tennant in the 4th quarter worth approximately $59,000. TD Private Client Wealth LLC grew its stake in Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after buying an additional 255 shares in the last quarter. Finally, KBC Group NV raised 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 acquiring an additional 394 shares during the period. 93.33% of the stock is currently owned by institutional investors.

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.