JPMorgan Chase & Co. Has $10.45 Million Stock Holdings in Tennant Company $TNC

JPMorgan Chase & Co. lifted its stake in Tennant Company (NYSE:TNC) by 7.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,882 shares of the industrial products company’s stock after acquiring an additional 8,903 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.70% of Tennant worth $10,447,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TNC. River Road Asset Management LLC grew its stake in Tennant by 131.0% in 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 purchasing an additional 136,221 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Tennant by 54.2% in the second quarter. American Century Companies Inc. now owns 343,614 shares of the industrial products company’s stock valued at $26,623,000 after buying an additional 120,793 shares in the last quarter. Kennedy Capital Management LLC acquired a new position in Tennant during the second quarter worth $2,846,000. Sei Investments Co. increased its holdings in Tennant by 507.4% during the second quarter. Sei Investments Co. now owns 34,809 shares of the industrial products company’s stock worth $2,697,000 after buying an additional 29,078 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its position in Tennant by 5.0% during the second quarter. Gamco Investors INC. ET AL now owns 498,202 shares of the industrial products company’s stock worth $38,601,000 after acquiring an additional 23,552 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tennant

In related news, Director Carol S. Eicher sold 3,130 shares of Tennant stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $61.98, for a total transaction of $193,997.40. Following the completion of the sale, the director directly owned 28,836 shares of the company’s stock, valued at approximately $1,787,255.28. This trade represents a 9.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David W. Huml acquired 4,000 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was purchased at an average cost of $64.39 per share, for a total transaction of $257,560.00. Following the completion of the acquisition, the chief executive officer owned 67,958 shares in the company, valued at approximately $4,375,815.62. This represents a 6.25% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 20,163 shares of company stock worth $1,261,674 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

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

Tennant Stock Performance

Shares of TNC stock opened at $61.91 on Friday. Tennant Company has a 52 week low of $60.17 and a 52 week high of $87.72. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 1.86 and a beta of 1.07. The company has a 50-day simple moving average of $76.05 and a 200 day simple moving average of $77.51. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.37 and a current ratio of 2.05.

Tennant Announces Dividend

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

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.