Invesco Ltd. Purchases 16,695 Shares of Tennant (NYSE:TNC)

Invesco Ltd. increased its position in shares of Tennant (NYSE:TNC - Free Report) by 9.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 193,421 shares of the industrial products company's stock after acquiring an additional 16,695 shares during the period. Invesco Ltd. owned about 1.03% of Tennant worth $15,770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in TNC. Jane Street Group LLC increased its stake in shares of Tennant by 77.3% in the 3rd quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company's stock valued at $2,932,000 after purchasing an additional 13,311 shares during the last quarter. Barclays PLC boosted its stake in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock valued at $3,857,000 after buying an additional 27,712 shares in the last quarter. Geode Capital Management LLC grew its position in Tennant by 1.4% in the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock valued at $41,971,000 after acquiring an additional 5,862 shares during the last quarter. Franklin Resources Inc. raised 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 acquiring an additional 169 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Tennant by 93.1% in the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company's stock worth $4,672,000 after acquiring an additional 23,460 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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 Trading Down 0.9 %

TNC traded down $0.62 during trading on Friday, hitting $71.56. The company's stock had a trading volume of 24,464 shares, compared to its average volume of 139,772. The firm has a market capitalization of $1.35 billion, a P/E ratio of 16.34 and a beta of 0.97. Tennant has a twelve month low of $67.57 and a twelve month high of $117.48. 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 stock's fifty day moving average price is $79.45 and its 200-day moving average price is $84.09.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to the consensus estimate of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Analysts anticipate that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's payout ratio is 26.94%.

Tennant declared that its board has authorized a share buyback plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related 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 value of $617,701.74. Following the sale, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. This represents a 21.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the transaction, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Tennant Company 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.