Van ECK Associates Corp Purchases 6,917 Shares of Tennant (NYSE:TNC)

Van ECK Associates Corp lifted its position in shares of Tennant (NYSE:TNC) by 21.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,895 shares of the industrial products company’s stock after purchasing an additional 6,917 shares during the period. Van ECK Associates Corp’s holdings in Tennant were worth $3,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Algert Global LLC increased its stake in shares of Tennant by 16.3% during the third quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock worth $4,167,000 after purchasing an additional 6,085 shares during the period. Eagle Asset Management Inc. acquired a new stake in Tennant during the third quarter worth approximately $3,873,000. Jane Street Group LLC grew its position in Tennant by 77.3% during the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock worth $2,932,000 after buying an additional 13,311 shares in the last quarter. Geode Capital Management LLC grew its position in Tennant by 1.4% during the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock worth $41,971,000 after buying an additional 5,862 shares in the last quarter. Finally, Barclays PLC grew its position in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after buying an additional 27,712 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Analyst Upgrades and Downgrades

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

Tennant Trading Up 0.3 %

Shares of NYSE:TNC opened at $88.94 on Friday. The business’s 50 day simple moving average is $84.11 and its 200 day simple moving average is $88.92. The company has a market capitalization of $1.68 billion, a P/E ratio of 20.31 and a beta of 1.01. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 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 analysts’ consensus estimates 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 19.92% and a net margin of 6.51%. On average, research analysts anticipate that Tennant will post 5.95 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio is presently 26.94%.

Tennant announced that its Board of Directors has authorized a share buyback plan on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.