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

Tennant Company (NYSE:TNC) saw unusually-strong trading volume on Tuesday . Approximately 211,688 shares changed 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.

Analysts Set New Price Targets

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

Tennant Price Performance

The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $1.30 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.07 and a beta of 0.98. The company’s 50-day simple moving average is $71.10 and its 200 day simple moving average is $74.90.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, February 27th. Tennant’s payout ratio is presently 52.99%.

Insiders Place Their Bets

In other news, Director Donal L. Mulligan acquired 3,000 shares of Tennant stock in a transaction dated Friday, February 27th. The stock was acquired at an average cost of $61.61 per share, for a total transaction of $184,830.00. Following the completion of the purchase, the director owned 8,000 shares of the company’s stock, valued at $492,880. This represents a 60.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Windley sold 3,694 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $63.86, for a total transaction of $235,898.84. Following the completion of the sale, the director owned 7,422 shares of the company’s stock, valued at $473,968.92. The trade was a 33.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders acquired 20,163 shares of company stock valued at $1,261,674 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Tennant

A number of institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Tennant by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 585,022 shares of the industrial products company’s stock worth $43,116,000 after buying an additional 6,760 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of Tennant by 0.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 502,598 shares of the industrial products company’s stock worth $37,041,000 after buying an additional 2,803 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Tennant by 26.6% in the third 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 last quarter. Millennium Management LLC raised its stake in Tennant by 33.8% during the 4th quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock valued at $26,418,000 after purchasing an additional 90,611 shares during the last quarter. Finally, Vision One Management Partners LP raised its stake in Tennant by 18.1% during the 4th quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock valued at $25,396,000 after purchasing an additional 52,721 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

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.