Marshall Wace LLP Buys New Position in Tennant (NYSE:TNC)

Marshall Wace LLP purchased a new position in shares of Tennant (NYSE:TNC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,053 shares of the industrial products company's stock, valued at approximately $1,309,000. Marshall Wace LLP owned 0.09% of Tennant as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. lifted its holdings in shares of Tennant by 7.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock worth $162,000 after purchasing an additional 142 shares during the period. Albert D Mason Inc. raised its position in Tennant by 1.5% during the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock worth $800,000 after buying an additional 145 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Tennant by 1.3% in the 3rd 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 period. Accredited Investors Inc. boosted its holdings in shares of Tennant by 1.4% in the fourth quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock valued at $1,088,000 after acquiring an additional 186 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Tennant by 5.7% during the fourth quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock worth $299,000 after acquiring an additional 199 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Price Performance

TNC stock traded up $2.05 on Friday, reaching $71.51. 199,215 shares of the company's stock were exchanged, compared to its average volume of 141,335. The stock has a fifty day moving average of $77.56 and a 200-day moving average of $83.06. The firm has a market cap of $1.34 billion, a PE ratio of 16.33 and a beta of 0.97. 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 twelve month low of $67.32 and a twelve month high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last posted 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). Tennant had a return on equity of 19.98% and a net margin of 6.51%. The company had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. During the same period last year, the company earned $1.49 earnings per share. The business's revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, equities analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its Board of Directors has authorized a share buyback program on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio is currently 26.94%.

Insider Activity at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of the firm's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This trade represents a 12.68 % 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, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares of the company's stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report 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.