Federated Hermes Inc. Purchases 722 Shares of Tennant (NYSE:TNC)

Federated Hermes Inc. lifted its position in shares of Tennant (NYSE:TNC) by 6.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,008 shares of the industrial products company’s stock after buying an additional 722 shares during the period. Federated Hermes Inc. owned about 0.06% of Tennant worth $979,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. 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 valued at $2,932,000 after acquiring an additional 13,311 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Amundi lifted its stake in Tennant by 190.4% in the fourth quarter. Amundi now owns 9,666 shares of the industrial products company’s stock worth $773,000 after purchasing an additional 6,338 shares during the last quarter. Barclays PLC boosted 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 valued at $3,857,000 after buying an additional 27,712 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Tennant by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after buying an additional 12,422 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Down 0.4 %

NYSE TNC opened at $70.97 on Wednesday. Tennant has a 1 year low of $67.80 and a 1 year high of $119.71. The stock has a market capitalization of $1.33 billion, a PE ratio of 16.20 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The business’s 50-day moving average is $81.89 and its 200 day moving average is $85.15.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. Sell-side analysts forecast that Tennant will post 5.89 earnings per share for the current year.

Tennant declared that its board has initiated a stock buyback plan on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.66%. Tennant’s dividend payout ratio is 26.94%.

Insider Activity at Tennant

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

Analyst Ratings Changes

TNC has been the subject of several analyst reports. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research began coverage on shares of Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price on the stock.

Tennant 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.