Sei Investments Co. Has $466,000 Stock Position in Tennant (NYSE:TNC)

Sei Investments Co. lessened its stake in Tennant (NYSE:TNC) by 64.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,716 shares of the industrial products company’s stock after selling 10,348 shares during the quarter. Sei Investments Co.’s holdings in Tennant were worth $466,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in Tennant during the 4th quarter worth about $59,000. KBC Group NV boosted its position in Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 394 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after acquiring an additional 255 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Tennant in the fourth quarter valued at approximately $92,000. Finally, Entropy Technologies LP bought a new stake in shares of Tennant in the fourth quarter worth $228,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TNC. Northcoast Research assumed coverage on Tennant in a report on Thursday, December 19th. They set a “buy” rating and a $125.00 target price on the stock. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th.

Insider Activity at Tennant

In related 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 value of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the 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 in the company, valued at $1,022,262.18. This trade represents a 12.68 % 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.

Tennant Stock Up 6.1 %

Shares of NYSE:TNC opened at $73.75 on Thursday. Tennant has a 12-month low of $67.80 and a 12-month high of $120.01. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 16.84 and a beta of 0.97. The business’s 50 day moving average is $83.02 and its 200 day moving average is $85.83.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $324.00 million. On average, sell-side analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.60%. The ex-dividend date was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is currently 26.94%.

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