Y Intercept Hong Kong Ltd Trims Stake in Tennant (NYSE:TNC)

Y Intercept Hong Kong Ltd trimmed its holdings in shares of Tennant (NYSE:TNC) by 43.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,586 shares of the industrial products company’s stock after selling 6,491 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Tennant were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its holdings in shares of Tennant by 0.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock worth $65,707,000 after purchasing an additional 3,164 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock worth $41,971,000 after purchasing an additional 5,862 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tennant by 1.6% in 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 purchasing an additional 3,975 shares in the last quarter. Jacobson & Schmitt Advisors LLC boosted its holdings in shares of Tennant by 15.3% in the 4th quarter. Jacobson & Schmitt Advisors LLC now owns 127,774 shares of the industrial products company’s stock worth $10,417,000 after purchasing an additional 16,934 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Tennant by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company’s stock worth $8,261,000 after purchasing an additional 3,518 shares in the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Tennant Trading Up 2.0 %

Shares of TNC stock opened at $86.72 on Friday. The stock has a market capitalization of $1.63 billion, a PE ratio of 19.80 and a beta of 1.01. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The business has a 50-day moving average of $84.47 and a 200 day moving average of $88.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43.

Tennant (NYSE:TNC) last issued its earnings results 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 company had revenue of $328.90 million during 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, sell-side analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Friday, February 28th. Tennant’s payout ratio is 26.94%.

Tennant declared that its board has approved a share repurchase plan on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company’s 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 completion of the transaction, the insider now owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by corporate 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.