Tennant (NYSE:TNC) Shares Purchased by Aigen Investment Management LP

Aigen Investment Management LP increased its holdings in shares of Tennant (NYSE:TNC) by 227.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,331 shares of the industrial products company’s stock after purchasing an additional 5,788 shares during the quarter. Aigen Investment Management LP’s holdings in Tennant were worth $679,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Albert D Mason Inc. grew its position in Tennant by 1.5% in 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. Franklin Resources Inc. grew its position in Tennant by 1.3% in 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. US Bancorp DE grew its position in 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 acquiring an additional 224 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tennant by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock valued at $4,173,000 after acquiring an additional 239 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 241 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on TNC. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Northcoast Research started coverage on Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective for the company.

Insider Buying and Selling

In related news, SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. The trade was a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the business’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 value of $617,701.74. Following the sale, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Tennant Stock Performance

Shares of TNC opened at $84.02 on Friday. The stock has a 50-day simple moving average of $84.77 and a 200-day simple moving average of $88.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The stock has a market capitalization of $1.58 billion, a PE ratio of 19.18 and a beta of 1.01. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.13. The business had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. On average, analysts predict that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, February 28th. Tennant’s payout ratio is 26.94%.

Tennant announced that its board has authorized a stock repurchase program on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

About Tennant

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.