Deprince Race & Zollo Inc. Takes $10.39 Million Position in Tennant (NYSE:TNC)

Deprince Race & Zollo Inc. purchased a new stake in Tennant (NYSE:TNC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 127,434 shares of the industrial products company's stock, valued at approximately $10,390,000. Deprince Race & Zollo Inc. owned approximately 0.68% of Tennant as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of TNC. Barclays PLC grew its holdings in shares of Tennant by 222.8% during the 3rd 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 in the last quarter. Franklin Resources Inc. grew its holdings in shares of Tennant by 1.3% during the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock valued at $1,213,000 after acquiring an additional 169 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Tennant by 93.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company's stock valued at $4,672,000 after acquiring an additional 23,460 shares in the last quarter. Albert D Mason Inc. grew its holdings in shares of Tennant by 1.5% during the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock valued at $800,000 after acquiring an additional 145 shares in the last quarter. Finally, Value Holdings Management CO. LLC purchased a new position in shares of Tennant during the 4th quarter valued at $815,000. Institutional investors own 93.33% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tennant Stock Up 5.3%

Tennant stock traded up $3.82 during mid-day trading on Monday, hitting $76.13. 147,864 shares of the company's stock were exchanged, compared to its average volume of 141,451. 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 has a market cap of $1.42 billion, a P/E ratio of 17.38 and a beta of 1.07. Tennant has a 1-year low of $67.32 and a 1-year high of $110.45. The stock has a 50 day moving average of $76.27 and a two-hundred day moving average of $82.37.

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

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Friday, May 30th. Tennant's dividend payout ratio (DPR) is 32.96%.

Tennant declared that its Board of Directors has approved a share buyback plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company's 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 $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 the SEC website. Also, SVP Barb Balinski sold 1,717 shares of the company's stock in a transaction dated Friday, February 28th. The shares were 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 $1,022,262.18. This trade represents a 12.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

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.