Insider Selling: Tennant (NYSE:TNC) Director Sells $193,997.40 in Stock

Tennant Company (NYSE:TNC) Director Carol Eicher sold 3,130 shares of the business’s 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 transaction, the director owned 28,836 shares in the company, valued at approximately $1,787,255.28. The trade was a 9.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Tennant Trading Up 1.4%

Shares of TNC stock opened at $62.85 on Thursday. The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45. The firm has a market cap of $1.12 billion, a P/E ratio of 26.86, a PEG ratio of 1.84 and a beta of 1.07. The company has a 50 day moving average of $76.32 and a 200-day moving average of $77.62. Tennant Company has a 12-month low of $60.17 and a 12-month high of $87.72.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a $0.31 dividend. The ex-dividend date is Friday, February 27th. This represents a $1.24 annualized dividend and a dividend yield of 2.0%. Tennant’s payout ratio is presently 52.99%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a report on Monday, December 29th. Wall Street Zen downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Freedom Capital cut shares of Tennant from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Roth Mkm reaffirmed a “buy” rating and issued a $91.00 price objective (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. Finally, Zacks Research cut shares of Tennant from a “hold” rating to a “strong sell” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $91.00.

Institutional Trading of Tennant

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC purchased a new position in shares of Tennant during the 2nd quarter valued at $1,213,000. Bank of New York Mellon Corp boosted its stake in Tennant by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 167,384 shares of the industrial products company’s stock valued at $12,969,000 after buying an additional 4,377 shares during the period. River Road Asset Management LLC boosted its stake in Tennant by 131.0% during the second quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock valued at $19,823,000 after buying an additional 136,221 shares during the period. Bailard Inc. purchased a new position in Tennant during the second quarter worth about $651,000. Finally, QSV Equity Investors LLC bought a new position in Tennant in the 2nd quarter worth about $1,057,000. Institutional investors own 93.33% of the company’s stock.

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.