Legal & General Group Plc Has $4.33 Million Stock Holdings in Tennant (NYSE:TNC)

Legal & General Group Plc lowered its stake in shares of Tennant (NYSE:TNC) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,079 shares of the industrial products company’s stock after selling 1,111 shares during the period. Legal & General Group Plc’s holdings in Tennant were worth $4,328,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in Tennant during the 4th quarter worth approximately $59,000. KBC Group NV raised its position in shares of Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 394 shares during the period. R Squared Ltd bought a new position in shares of Tennant in the 4th quarter worth $92,000. New Age Alpha Advisors LLC bought a new stake in Tennant during the 4th quarter valued at $104,000. Finally, Entropy Technologies LP bought a new position in shares of Tennant in the fourth quarter valued at $228,000. Institutional investors own 93.33% of the company’s stock.

Tennant Trading Down 2.5 %

Shares of Tennant stock opened at $68.23 on Tuesday. 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 stock has a fifty day simple moving average of $80.45 and a 200 day simple moving average of $84.43. Tennant has a 12-month low of $67.57 and a 12-month high of $119.71. The company has a market capitalization of $1.28 billion, a P/E ratio of 15.58 and a beta of 0.97.

Tennant (NYSE:TNC) last released its quarterly 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. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. On average, sell-side analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Friday, February 28th. Tennant’s dividend payout ratio is presently 26.94%.

Tennant declared that its board has authorized a stock repurchase program on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

Insider Activity at Tennant

In related news, insider Richard H. Zay sold 7,053 shares of Tennant 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 sale, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

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.