Tennant (NYSE:TNC) Shares Bought by Aigen Investment Management LP

Aigen Investment Management LP boosted its position in shares of Tennant (NYSE:TNC) by 227.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,331 shares of the industrial products company’s stock after acquiring an additional 5,788 shares during the quarter. Aigen Investment Management LP’s holdings in Tennant were worth $679,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in TNC. Lightrock Netherlands B.V. acquired a new position in Tennant during the fourth quarter worth approximately $4,957,000. Eagle Asset Management Inc. acquired a new position in Tennant during the third quarter worth approximately $3,873,000. New York State Common Retirement Fund increased its position in Tennant by 555.4% during the fourth quarter. New York State Common Retirement Fund now owns 43,514 shares of the industrial products company’s stock worth $3,548,000 after buying an additional 36,875 shares during the period. Barclays PLC increased 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 worth $3,857,000 after buying an additional 27,712 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Tennant by 93.1% during the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company’s stock worth $4,672,000 after buying an additional 23,460 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Trading Up 1.2 %

NYSE:TNC opened at $84.02 on Friday. The firm has a market cap of $1.58 billion, a P/E ratio of 19.18 and a beta of 1.01. 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’s 50 day simple moving average is $84.77 and its 200-day simple moving average is $88.32. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11.

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

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s dividend payout ratio is presently 26.94%.

Tennant declared that its Board of Directors has authorized a share buyback program on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

TNC has been the topic of a number of recent research reports. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research initiated coverage on Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price on the stock.

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the company’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 transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction 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 in the company, valued at $2,256,936.60. This 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 corporate insiders.

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.