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

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

Tennant Price Performance

Shares of NYSE TNC opened at $87.43 on Wednesday. The firm has a 50-day moving average of $84.22 and a two-hundred day moving average of $88.73. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 19.96 and a beta of 1.01. Tennant has a twelve month low of $78.57 and a twelve month 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 (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million for the quarter, compared to the consensus estimate 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 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 issued a dividend of $0.295 per share. The ex-dividend date is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.35%. Tennant’s payout ratio is presently 26.94%.

Tennant announced that its board has initiated a stock 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 buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TNC shares. Northcoast Research started coverage on shares of Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target for the company. StockNews.com raised shares of Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 19th.

Institutional Trading of Tennant

Several institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Tennant by 10.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 47,793 shares of the industrial products company’s stock worth $3,897,000 after buying an additional 4,342 shares during the period. Voloridge Investment Management LLC increased its holdings in shares of Tennant by 150.0% in the 4th quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company’s stock valued at $12,267,000 after purchasing an additional 90,273 shares during the period. Vision One Management Partners LP acquired a new position in shares of Tennant in the 4th quarter valued at about $9,262,000. Squarepoint Ops LLC increased its holdings in shares of Tennant by 8.7% in the 4th quarter. Squarepoint Ops LLC now owns 10,332 shares of the industrial products company’s stock valued at $842,000 after purchasing an additional 830 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Tennant by 88.6% in the 4th quarter. Two Sigma Advisers LP now owns 36,400 shares of the industrial products company’s stock valued at $2,968,000 after purchasing an additional 17,100 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

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.