Teton Advisors LLC Makes New Investment in Tennant Company $TNC

Teton Advisors LLC acquired a new position in shares of Tennant Company (NYSE:TNC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,700 shares of the industrial products company’s stock, valued at approximately $705,000.

Other hedge funds have also made changes to their positions in the company. Salomon & Ludwin LLC acquired a new stake in Tennant during the third quarter worth about $28,000. CoreCap Advisors LLC acquired a new position in Tennant in the 3rd quarter valued at approximately $30,000. State of Wyoming acquired a new position in Tennant in the 2nd quarter valued at approximately $73,000. Whittier Trust Co. bought a new stake in shares of Tennant in the 3rd quarter worth approximately $74,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Tennant by 25.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company’s stock worth $150,000 after acquiring an additional 389 shares during the period. Institutional investors own 93.33% of the company’s stock.

Tennant Stock Down 0.7%

Shares of TNC opened at $61.63 on Friday. The business’s fifty day moving average price is $75.78 and its two-hundred day moving average price is $77.37. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 1.84 and a beta of 1.07. Tennant Company has a 52 week low of $60.17 and a 52 week high of $87.72. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a dividend of $0.31 per share. The ex-dividend date is Friday, February 27th. This represents a $1.24 dividend on an annualized basis and a yield of 2.0%. Tennant’s dividend payout ratio is presently 52.99%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TNC shares. Wall Street Zen cut Tennant from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Freedom Capital downgraded shares of Tennant from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Zacks Research lowered shares of Tennant from a “hold” rating to a “strong sell” rating in a report on Thursday, February 26th. 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 set a $91.00 price objective (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.00.

Insider Buying and Selling

In other news, Director David Windley sold 3,694 shares of the firm’s stock in a transaction dated 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 owned 7,422 shares of the company’s stock, valued at approximately $473,968.92. This trade represents a 33.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donal L. Mulligan purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were acquired at an average cost of $63.86 per share, with a total value of $319,300.00. Following the completion of the purchase, the director owned 5,000 shares of the company’s stock, valued at $319,300. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 20,163 shares of company stock worth $1,261,674. 2.60% of the stock is currently owned by company insiders.

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.