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

JPMorgan Chase & Co. lifted its holdings in shares of Tennant Company (NYSE:TNC) by 7.4% during the 3rd quarter, Holdings Channel reports. The firm owned 128,882 shares of the industrial products company’s stock after purchasing an additional 8,903 shares during the period. JPMorgan Chase & Co.’s holdings in Tennant were worth $10,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Salomon & Ludwin LLC acquired a new stake in Tennant during the third quarter worth approximately $28,000. CoreCap Advisors LLC bought a new stake in shares of Tennant during the 3rd quarter valued at $30,000. State of Wyoming acquired a new stake in shares of Tennant during the 2nd quarter worth $73,000. Whittier Trust Co. bought a new position in shares of Tennant in the third quarter worth $74,000. Finally, BNP Paribas Financial Markets raised its stake in Tennant by 25.1% in the second quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company’s stock valued at $150,000 after purchasing an additional 389 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Trading Down 1.5%

Shares of Tennant stock opened at $61.91 on Friday. The firm’s 50 day moving average is $76.05 and its 200 day moving average is $77.51. The firm has a market capitalization of $1.11 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07. Tennant Company has a 1 year low of $60.17 and a 1 year high of $87.72. The company has a current ratio of 2.05, a quick ratio of 1.37 and a debt-to-equity ratio of 0.45.

Tennant Dividend Announcement

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

Insider Buying and Selling

In other news, Director James T. Jr. Glerum acquired 8,163 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were bought at an average price of $61.25 per share, with a total value of $499,983.75. Following the acquisition, the director directly owned 8,600 shares in the company, valued at $526,750. The trade was a 1,867.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Donal L. Mulligan acquired 5,000 shares of Tennant stock in a transaction that occurred on Thursday, February 26th. The shares were purchased at an average price of $63.86 per share, for a total transaction of $319,300.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $319,300. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 20,163 shares of company stock worth $1,261,674 in the last ninety days. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.