Alliancebernstein L.P. Has $1.90 Million Position in Tennant (NYSE:TNC)

Alliancebernstein L.P. lifted its stake in Tennant (NYSE:TNC) by 4.8% during the fourth quarter, HoldingsChannel reports. The fund owned 23,341 shares of the industrial products company’s stock after purchasing an additional 1,079 shares during the quarter. Alliancebernstein L.P.’s holdings in Tennant were worth $1,903,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TNC. Vanguard Group Inc. lifted its holdings in shares of Tennant by 0.5% during the 4th 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. Geode Capital Management LLC raised 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Tennant by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock valued at $21,117,000 after purchasing an additional 5,890 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Tennant by 11.2% in the fourth quarter. Prudential Financial Inc. now owns 204,226 shares of the industrial products company’s stock worth $16,651,000 after purchasing an additional 20,627 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Tennant by 204.4% during the fourth quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company’s stock valued at $12,072,000 after buying an additional 99,423 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Insider Buying and Selling at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $617,701.74. Following the transaction, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Tennant Price Performance

Shares of Tennant stock opened at $69.87 on Friday. Tennant has a 1-year low of $67.80 and a 1-year high of $119.71. The firm’s 50-day moving average price is $81.20 and its two-hundred day moving average price is $84.86. 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 market capitalization of $1.31 billion, a price-to-earnings ratio of 15.95 and a beta of 0.97.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. On average, equities analysts predict that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant announced that its board has approved a stock buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.295 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.69%. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TNC shares. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research began coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective on the 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.