D. E. Shaw & Co. Inc. Grows Stock Position in Tennant (NYSE:TNC)

D. E. Shaw & Co. Inc. raised its position in shares of Tennant (NYSE:TNC - Free Report) by 668.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 86,130 shares of the industrial products company's stock after purchasing an additional 74,920 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.46% of Tennant worth $7,022,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Deprince Race & Zollo Inc. acquired a new stake in shares of Tennant in the fourth quarter valued at about $10,390,000. Cubist Systematic Strategies LLC lifted its position in Tennant by 108.0% during the 4th quarter. Cubist Systematic Strategies LLC now owns 102,899 shares of the industrial products company's stock worth $8,389,000 after buying an additional 53,429 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Tennant by 171.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 26,323 shares of the industrial products company's stock valued at $2,146,000 after buying an additional 16,627 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Tennant by 43.3% during the 4th quarter. BNP Paribas Financial Markets now owns 15,294 shares of the industrial products company's stock worth $1,247,000 after acquiring an additional 4,621 shares during the period. Finally, Algert Global LLC lifted its stake in Tennant by 2.0% in the 4th quarter. Algert Global LLC now owns 44,268 shares of the industrial products company's stock valued at $3,609,000 after purchasing an additional 877 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity at Tennant

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 value of $617,701.74. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Barb Balinski sold 1,717 shares of the firm's 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. The trade was 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 currently owned by company insiders.

Tennant Price Performance

NYSE:TNC traded down $0.27 during mid-day trading on Monday, hitting $76.75. 139,335 shares of the stock traded hands, compared to its average volume of 141,265. Tennant has a 12-month low of $67.32 and a 12-month high of $110.45. The company has a market cap of $1.43 billion, a PE ratio of 17.52 and a beta of 1.07. 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 business's 50-day moving average price is $75.43 and its 200 day moving average price is $81.94.

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

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.295 per share. The ex-dividend date is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a yield of 1.54%. Tennant's payout ratio is 32.96%.

Tennant declared that its Board of Directors has approved a share repurchase plan 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. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.