Tennant (NYSE:TNC) Shares Bought by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC raised its stake in Tennant (NYSE:TNC - Free Report) by 108.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,899 shares of the industrial products company's stock after acquiring an additional 53,429 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.55% of Tennant worth $8,389,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Summit Investment Advisors Inc. raised its stake in Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock valued at $162,000 after purchasing an additional 142 shares during the last quarter. Albert D Mason Inc. lifted its stake in shares of Tennant by 1.5% during the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock valued at $800,000 after buying an additional 145 shares during the period. Franklin Resources Inc. boosted its position in Tennant by 1.3% during the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after acquiring an additional 169 shares during the last quarter. Accredited Investors Inc. grew its stake in Tennant by 1.4% in the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock worth $1,088,000 after acquiring an additional 186 shares during the period. Finally, Bank of Montreal Can raised its holdings in Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock valued at $299,000 after acquiring an additional 199 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Tennant

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

Tennant Trading Down 0.4 %

Shares of TNC stock traded down $0.32 during trading hours on Friday, hitting $72.36. 122,184 shares of the company were exchanged, compared to its average volume of 141,425. The firm has a fifty day moving average of $76.27 and a 200 day moving average of $82.42. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The firm has a market cap of $1.35 billion, a PE ratio of 16.52 and a beta of 1.07.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). The company had revenue of $290.00 million during the quarter, compared to analyst estimates of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 EPS. Analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, May 30th. Tennant's dividend payout ratio is currently 32.96%.

Tennant declared that its board has approved a stock repurchase program on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Tennant Company 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.