Tennant (NYSE:TNC) Sees Strong Trading Volume – Still a Buy?

Tennant Company (NYSE:TNC) saw unusually-strong trading volume on Tuesday . Approximately 211,688 shares were traded 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 analysts recently commented on TNC shares. Zacks Research downgraded shares of Tennant from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 26th. Roth Mkm reissued 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. Freedom Capital downgraded shares of Tennant from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Wall Street Zen downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a research report 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’s stock. Based on data from MarketBeat.com, Tennant currently has a consensus rating of “Hold” and an average price target of $91.00.

Tennant Stock Performance

The business’s fifty day moving average price is $71.04 and its 200-day moving average price is $74.85. 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 stock has a market cap of $1.35 billion, a PE ratio of 32.00, a P/E/G ratio of 2.07 and a beta of 0.98.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis 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 presently 52.99%.

Insider Activity

In related news, CEO David W. Huml purchased 4,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were purchased at an average price of $64.39 per share, with a total value of $257,560.00. Following the acquisition, the chief executive officer directly owned 67,958 shares in the company, valued at $4,375,815.62. The trade was a 6.25% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carol S. Eicher sold 3,130 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $61.98, for a total transaction of $193,997.40. Following the sale, the director directly owned 28,836 shares in the company, valued at approximately $1,787,255.28. The trade was a 9.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have bought 20,163 shares of company stock worth $1,261,674. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Tennant

A number of institutional investors have recently made changes to their positions in TNC. Royal Bank of Canada boosted its holdings in shares of Tennant by 23.0% during 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 last quarter. AQR Capital Management LLC lifted its stake in shares of Tennant by 68.8% in the 1st quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company’s stock worth $3,966,000 after purchasing an additional 20,275 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Tennant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock worth $899,000 after purchasing an additional 491 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Tennant by 17.6% in the 1st 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 worth $4,483,000 after purchasing an additional 8,421 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Tennant by 39.1% in the 1st 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. Hedge funds and other institutional investors own 93.33% of the company’s stock.

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.