Tennant Company $TNC Shares Purchased by Deprince Race & Zollo Inc.

Key Points

• Deprince Race & Zollo raised its stake in Tennant by 15.9% in Q4, adding 21,459 shares to hold 156,674 shares (about 0.86% of the company) valued at roughly $11.55 million.
• Insider activity was mixed: Director Carol S. Eicher sold 3,130 shares while Director James T. Jr. Glerum purchased 8,163 shares, and insiders net bought 20,163 shares last quarter, now owning about 3.5% of the company.
• Analyst sentiment is a consensus Hold with an average price target of $91, while Tennant trades near $79.36 with a $1.43 billion market cap, a PE of 33.9, and pays a $0.31 quarterly dividend (≈1.6% yield).

Deprince Race & Zollo Inc. raised its holdings in shares of Tennant Company (NYSE:TNC - Free Report) by 15.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,674 shares of the industrial products company's stock after acquiring an additional 21,459 shares during the quarter. Deprince Race & Zollo Inc. owned approximately 0.86% of Tennant worth $11,547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL increased its holdings in Tennant by 0.3% during the 3rd quarter. Gamco Investors INC. ET AL now owns 499,795 shares of the industrial products company's stock valued at $40,513,000 after acquiring an additional 1,593 shares in the last quarter. American Century Companies Inc. increased its holdings in Tennant by 26.6% during the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company's stock valued at $35,261,000 after acquiring an additional 91,382 shares in the last quarter. Vision One Management Partners LP increased its holdings in Tennant by 63.1% during the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company's stock valued at $23,212,000 after acquiring an additional 112,873 shares in the last quarter. First Trust Advisors LP increased its holdings in Tennant by 6.2% during the 2nd quarter. First Trust Advisors LP now owns 236,633 shares of the industrial products company's stock valued at $18,334,000 after acquiring an additional 13,846 shares in the last quarter. Finally, Ceredex Value Advisors LLC increased its holdings in Tennant by 2.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 145,750 shares of the industrial products company's stock valued at $11,814,000 after acquiring an additional 2,900 shares in the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tennant

In other news, Director Carol S. Eicher sold 3,130 shares of Tennant stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $61.98, for a total transaction of $193,997.40. Following the completion of the sale, the director directly owned 28,836 shares in the company, valued at $1,787,255.28. The trade was a 9.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James T. Jr. Glerum purchased 8,163 shares of the stock in a transaction dated Monday, March 2nd. The shares were purchased at an average price of $61.25 per share, with a total value of $499,983.75. Following the completion of the acquisition, the director owned 8,600 shares of the company's stock, valued at approximately $526,750. This represents a 1,867.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 20,163 shares of company stock valued at $1,261,674. Corporate insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on TNC. Wall Street Zen downgraded shares of Tennant from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Roth Mkm restated a "buy" rating and set a $91.00 target price (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. Weiss Ratings restated a "hold (c)" rating on shares of Tennant in a report on Monday, December 29th. Zacks Research downgraded shares of Tennant from a "hold" rating to a "strong sell" rating in a report on Thursday, February 26th. Finally, Freedom Capital downgraded shares of Tennant from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $91.00.

Tennant Stock Performance

Shares of NYSE TNC opened at $79.36 on Tuesday. The company has a market cap of $1.43 billion, a PE ratio of 33.92, a price-to-earnings-growth ratio of 2.30 and a beta of 0.98. Tennant Company has a 12 month low of $60.17 and a 12 month high of $85.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.05 and a quick ratio of 1.37. The company has a 50-day simple moving average of $71.09 and a 200-day simple moving average of $74.75.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were issued a dividend of $0.31 per share. The ex-dividend date was Friday, February 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.6%. Tennant's payout ratio is 52.99%.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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