Creative Financial Designs Inc. ADV Purchases 1,366 Shares of Tennant (NYSE:TNC)

Creative Financial Designs Inc. ADV boosted its position in Tennant (NYSE:TNC) by 44.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,459 shares of the industrial products company’s stock after buying an additional 1,366 shares during the period. Creative Financial Designs Inc. ADV’s holdings in Tennant were worth $364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Tennant by 57.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,974 shares of the industrial products company’s stock worth $1,384,000 after purchasing an additional 6,179 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Tennant by 16.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 5,472 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 773 shares in the last quarter. Amundi increased its holdings in Tennant by 190.4% during the 4th quarter. Amundi now owns 9,666 shares of the industrial products company’s stock worth $773,000 after purchasing an additional 6,338 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in Tennant by 4.1% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 55,975 shares of the industrial products company’s stock worth $4,564,000 after purchasing an additional 2,215 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Tennant during the 4th quarter worth approximately $5,830,000. 93.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research started coverage on Tennant in a report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company.

Insider Activity at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the company’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 value of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. This represents 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 accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the stock in a transaction 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 in the company, valued at approximately $2,256,936.60. This 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 company insiders.

Tennant Stock Performance

TNC stock opened at $84.20 on Wednesday. The firm has a market cap of $1.58 billion, a PE ratio of 19.22 and a beta of 1.02. 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 business has a 50 day moving average of $85.24 and a 200-day moving average of $87.58. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11.

Tennant (NYSE:TNC) last released its earnings results 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 company had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. As a group, sell-side analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

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

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

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.