Creative Financial Designs Inc. ADV Raises Position in Tennant (NYSE:TNC)

Creative Financial Designs Inc. ADV increased its holdings in Tennant (NYSE:TNC) by 44.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,459 shares of the industrial products company’s stock after acquiring an additional 1,366 shares during the quarter. Creative Financial Designs Inc. ADV’s holdings in Tennant were worth $364,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TNC. Raymond James Financial Inc. purchased a new stake in shares of Tennant in the fourth quarter worth $5,830,000. Lightrock Netherlands B.V. purchased a new stake in shares of Tennant in the fourth quarter worth $4,957,000. Eagle Asset Management Inc. purchased a new stake in shares of Tennant in the third quarter worth $3,873,000. New York State Common Retirement Fund increased its stake in Tennant by 555.4% in the fourth quarter. New York State Common Retirement Fund now owns 43,514 shares of the industrial products company’s stock valued at $3,548,000 after acquiring an additional 36,875 shares during the last quarter. Finally, Barclays PLC increased its stake in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after acquiring an additional 27,712 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Stock Up 0.7 %

Shares of NYSE:TNC opened at $84.20 on Wednesday. The stock’s 50-day moving average price is $85.24 and its 200-day moving average price is $87.58. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The stock has a market capitalization of $1.58 billion, a P/E ratio of 19.22 and a beta of 1.02. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last announced its quarterly earnings data 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. 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. On average, equities analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its Board of Directors has approved a stock buyback program on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Tennant Announces Dividend

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 dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.40%. Tennant’s dividend payout ratio (DPR) is currently 26.94%.

Insider Activity

In other news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the sale, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

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