Prudential Financial Inc. Purchases 20,627 Shares of Tennant (NYSE:TNC)

Prudential Financial Inc. grew its position in shares of Tennant (NYSE:TNC) by 11.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 204,226 shares of the industrial products company’s stock after acquiring an additional 20,627 shares during the period. Prudential Financial Inc.’s holdings in Tennant were worth $16,651,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TNC. Jane Street Group LLC grew its position in Tennant by 77.3% during the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock valued at $2,932,000 after acquiring an additional 13,311 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Barclays PLC raised its position in Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after purchasing an additional 27,712 shares during the period. Janus Henderson Group PLC lifted its stake in Tennant by 4.0% in the third quarter. Janus Henderson Group PLC now owns 25,975 shares of the industrial products company’s stock worth $2,494,000 after purchasing an additional 1,008 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Tennant by 93.1% during the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company’s stock valued at $4,672,000 after buying an additional 23,460 shares during the period. Institutional investors own 93.33% of the company’s stock.

Insider Activity at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the transaction, the senior vice president now directly owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TNC has been the subject of several analyst reports. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective for the company.

Tennant Trading Up 0.8 %

NYSE:TNC opened at $82.61 on Friday. The company has a fifty day moving average of $85.35 and a 200 day moving average of $87.12. Tennant has a 52 week low of $78.57 and a 52 week high of $124.11. The firm has a market capitalization of $1.55 billion, a P/E ratio of 18.86 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.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.13. The company had revenue of $328.90 million for 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, research analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant declared that its board has authorized a share repurchase program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.43%. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

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.