Bank of Montreal Can Raises Stock Holdings in Tennant (NYSE:TNC)

Bank of Montreal Can lifted its position in shares of Tennant (NYSE:TNC) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,672 shares of the industrial products company’s stock after buying an additional 199 shares during the quarter. Bank of Montreal Can’s holdings in Tennant were worth $299,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in shares of Tennant in the 4th quarter worth approximately $59,000. KBC Group NV raised its position in Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after acquiring an additional 394 shares in the last quarter. R Squared Ltd purchased a new position in shares of Tennant during the 4th quarter valued at approximately $92,000. New Age Alpha Advisors LLC acquired a new position in shares of Tennant in the fourth quarter worth about $104,000. Finally, Entropy Technologies LP acquired a new position in Tennant in the 4th quarter worth about $228,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Trading Up 1.1 %

TNC opened at $70.54 on Thursday. Tennant has a one year low of $67.57 and a one year high of $119.71. The business’s 50 day moving average price is $79.75 and its 200 day moving average price is $84.23. The stock has a market capitalization of $1.33 billion, a PE ratio of 16.11 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping 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. As a group, equities research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has authorized a share 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Friday, February 28th. Tennant’s payout ratio is presently 26.94%.

Insiders Place Their Bets

In other news, SVP Barb Balinski sold 1,717 shares of the company’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 completion of the transaction, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of Tennant 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 sale, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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.