Tennant (NYSE:TNC) Sees Large Volume Increase – Time to Buy?

Tennant Company (NYSE:TNC) shares saw unusually-strong trading volume on Tuesday . Approximately 211,688 shares traded hands during trading, a decline of 8% from the previous session’s volume of 229,997 shares.The stock last traded at $71.7860 and had previously closed at $70.77.

Analyst Ratings Changes

Several equities analysts have commented on TNC shares. Zacks Research cut shares of Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Freedom Capital cut shares of Tennant from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Wall Street Zen cut shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tennant in a research note on Monday, December 29th. 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 note on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $91.00.

Tennant Price Performance

The company’s 50 day moving average price is $71.10 and its 200-day moving average price is $74.90. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 2.07 and a beta of 0.98. 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 was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, February 27th. Tennant’s dividend payout ratio (DPR) is 52.99%.

Insiders Place Their Bets

In other news, Director David Windley sold 3,694 shares of Tennant stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $63.86, for a total value of $235,898.84. Following the transaction, the director directly owned 7,422 shares of the company’s stock, valued at $473,968.92. This trade represents a 33.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David W. Huml bought 4,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 67,958 shares of the company’s stock, valued at $4,375,815.62. This represents a 6.25% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 20,163 shares of company stock valued at $1,261,674 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Salomon & Ludwin LLC acquired a new stake in shares of Tennant during the third quarter worth approximately $28,000. Hantz Financial Services Inc. grew its position in Tennant by 85.1% during the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 177 shares in the last quarter. CoreCap Advisors LLC purchased a new position in Tennant during the third quarter valued at approximately $30,000. UMB Bank n.a. grew its position in Tennant by 1,778.6% during the fourth quarter. UMB Bank n.a. now owns 526 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 498 shares in the last quarter. Finally, State of Wyoming purchased a new position in Tennant during the second quarter valued at approximately $73,000. 93.33% of the stock is owned by hedge funds and other 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.