Raymond James Financial Inc. Takes Position in Tennant (NYSE:TNC)

Raymond James Financial Inc. purchased a new stake in Tennant (NYSE:TNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 71,502 shares of the industrial products company's stock, valued at approximately $5,830,000. Raymond James Financial Inc. owned 0.38% of Tennant as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Albert D Mason Inc. lifted its position in Tennant by 1.5% during the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock worth $800,000 after purchasing an additional 145 shares during the period. Franklin Resources Inc. lifted its stake 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 purchasing an additional 169 shares during the last quarter. Bank of Montreal Can lifted its stake in 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 purchasing an additional 199 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Tennant by 0.8% in the 4th quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock valued at $2,367,000 after purchasing an additional 224 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 394 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Insider Transactions at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction dated 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 directly owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the sale, the insider now directly owns 25,770 shares of the company's stock, valued at approximately $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 owned by corporate insiders.

Wall Street Analyst Weigh In

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

Tennant Trading Down 1.3 %

Shares of NYSE:TNC traded down $0.94 during midday trading on Wednesday, hitting $71.95. 208,022 shares of the stock were exchanged, compared to its average volume of 140,648. The business's 50-day moving average price is $78.54 and its 200 day moving average price is $83.61. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.43 and a beta of 0.97. Tennant has a 12 month low of $67.57 and a 12 month high of $117.48. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97.

Tennant (NYSE:TNC - Get Free Report) last posted its 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%. During the same quarter in the prior year, the business earned $1.49 EPS. The business's revenue was down 6.8% compared to the same quarter last year. Analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant announced that its board has authorized a stock repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Tennant Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, May 30th. This represents a $1.18 annualized dividend and a dividend yield of 1.64%. Tennant's payout ratio is 26.94%.

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.