Insider Buying: Tennant (NYSE:TNC) Director Buys $499,983.75 in Stock

Tennant Company (NYSE:TNC) Director James Jr. Glerum acquired 8,163 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was acquired at an average price of $61.25 per share, with a total value of $499,983.75. Following the completion of the transaction, the director directly owned 8,600 shares in the company, valued at $526,750. This trade represents a 1,867.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Tennant Stock Performance

Shares of TNC opened at $62.85 on Thursday. 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. Tennant Company has a twelve month low of $60.17 and a twelve month high of $87.72. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.37 and a current ratio of 2.05. The firm’s 50 day moving average price is $76.32 and its two-hundred day moving average price is $77.62.

Tennant Dividend Announcement

The company also recently declared 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 of this dividend is Friday, February 27th. This represents a $1.24 annualized dividend and a dividend yield of 2.0%. Tennant’s dividend payout ratio (DPR) is currently 52.99%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TNC. Dimensional Fund Advisors LP increased its stake in shares of Tennant by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 585,022 shares of the industrial products company’s stock worth $43,116,000 after purchasing an additional 6,760 shares during the period. Gamco Investors INC. ET AL grew its holdings in Tennant by 0.6% in the 4th quarter. Gamco Investors INC. ET AL now owns 502,598 shares of the industrial products company’s stock valued at $37,041,000 after buying an additional 2,803 shares in the last quarter. American Century Companies Inc. increased its position in Tennant by 26.6% during the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock worth $35,261,000 after buying an additional 91,382 shares during the period. Millennium Management LLC lifted its holdings in shares of Tennant by 33.8% during the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock worth $26,418,000 after buying an additional 90,611 shares in the last quarter. Finally, Vision One Management Partners LP lifted its holdings in shares of Tennant by 18.1% during the fourth quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock worth $25,396,000 after buying an additional 52,721 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

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.