Connor Clark & Lunn Investment Management Ltd. Purchases 6,179 Shares of Tennant (NYSE:TNC)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Tennant (NYSE:TNC) by 57.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,974 shares of the industrial products company’s stock after buying an additional 6,179 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Tennant worth $1,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of TNC. Intech Investment Management LLC acquired a new stake in shares of Tennant in the third quarter valued at approximately $386,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Tennant by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company’s stock worth $24,310,000 after purchasing an additional 3,975 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of Tennant in the third quarter worth $3,873,000. Cerity Partners LLC raised its stake in Tennant by 21.1% in the third quarter. Cerity Partners LLC now owns 90,173 shares of the industrial products company’s stock valued at $8,660,000 after purchasing an additional 15,722 shares in the last quarter. Finally, Algert Global LLC grew its stake in Tennant by 16.3% during the third quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock worth $4,167,000 after buying an additional 6,085 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Northcoast Research began coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price for the company. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

Tennant Stock Performance

Tennant stock opened at $84.87 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.60 billion, a PE ratio of 19.38 and a beta of 1.02. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The business’s 50-day moving average price is $85.34 and its two-hundred day moving average price is $87.56.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. As a group, analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.39%. The ex-dividend date was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is 26.94%.

Tennant announced that its board has authorized a share buyback plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the sale, the insider now directly owns 25,770 shares in the company, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Tennant Company Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.