Connor Clark & Lunn Investment Management Ltd. Buys 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% in the 4th quarter, Holdings Channel reports. The firm owned 16,974 shares of the industrial products company’s stock after acquiring an additional 6,179 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Tennant were worth $1,384,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new position in Tennant in the fourth quarter valued at $5,830,000. Lightrock Netherlands B.V. bought a new position in shares of Tennant in the 4th quarter worth about $4,957,000. Eagle Asset Management Inc. bought a new stake in shares of Tennant during the 3rd quarter valued at about $3,873,000. New York State Common Retirement Fund grew its stake in Tennant by 555.4% during the fourth quarter. New York State Common Retirement Fund now owns 43,514 shares of the industrial products company’s stock worth $3,548,000 after purchasing an additional 36,875 shares during the period. Finally, Barclays PLC increased its holdings in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after purchasing an additional 27,712 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the firm’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 value of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares in the company, valued at $1,022,262.18. This represents a 12.68 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

TNC has been the topic of a number of research analyst reports. Northcoast Research assumed coverage on Tennant in a report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target on the stock. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 27th.

Tennant Stock Performance

Shares of Tennant stock opened at $84.87 on Thursday. The business has a 50-day simple moving average of $85.34 and a 200 day simple moving average of $87.56. Tennant has a one year low of $78.57 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 19.38 and a beta of 1.02.

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

Tennant declared that its board has authorized a share repurchase plan on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis 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 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.