Teton Advisors LLC Acquires New Shares in Tennant Company $TNC

Teton Advisors LLC bought a new position in shares of Tennant Company (NYSE:TNC) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 8,700 shares of the industrial products company’s stock, valued at approximately $705,000.

A number of other institutional investors and hedge funds also recently modified their holdings of TNC. Royal Bank of Canada raised its position in shares of Tennant by 23.0% in the 1st quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company’s stock valued at $364,000 after acquiring an additional 854 shares during the period. AQR Capital Management LLC grew its holdings in Tennant by 68.8% during the first quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company’s stock valued at $3,966,000 after purchasing an additional 20,275 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Tennant by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock valued at $899,000 after purchasing an additional 491 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Tennant by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 56,214 shares of the industrial products company’s stock valued at $4,483,000 after purchasing an additional 8,421 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Tennant by 39.1% in the first quarter. Jane Street Group LLC now owns 38,911 shares of the industrial products company’s stock worth $3,103,000 after purchasing an additional 10,946 shares during the period. 93.33% of the stock is owned by institutional investors.

Tennant Stock Down 0.7%

TNC stock opened at $61.63 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.05 and a quick ratio of 1.37. The stock has a market capitalization of $1.10 billion, a P/E ratio of 26.34, a P/E/G ratio of 1.84 and a beta of 1.07. Tennant Company has a fifty-two week low of $60.17 and a fifty-two week high of $87.72. The business has a 50-day moving average of $75.78 and a 200-day moving average of $77.37.

Tennant Announces Dividend

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

Insider Activity at Tennant

In related news, Director James T. Jr. Glerum purchased 8,163 shares of Tennant stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average cost of $61.25 per share, with a total value of $499,983.75. Following the completion of the transaction, the director owned 8,600 shares of the company’s stock, valued at approximately $526,750. This trade represents a 1,867.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Windley sold 3,694 shares of the firm’s 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 completion of the transaction, the director owned 7,422 shares of the company’s stock, valued at approximately $473,968.92. This represents a 33.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders purchased 20,163 shares of company stock worth $1,261,674. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Tennant Company Profile

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.