JPMorgan Chase & Co. Grows Stake in Tennant Company $TNC

JPMorgan Chase & Co. increased its holdings in shares of Tennant Company (NYSE:TNC) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,882 shares of the industrial products company’s stock after purchasing an additional 8,903 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.71% of Tennant worth $10,447,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TNC. Salomon & Ludwin LLC acquired a new stake in Tennant during the third quarter worth approximately $28,000. CoreCap Advisors LLC acquired a new position in shares of Tennant in the 3rd quarter valued at $30,000. State of Wyoming purchased a new position in shares of Tennant in the 2nd quarter valued at $73,000. Whittier Trust Co. purchased a new position in shares of Tennant in the 3rd quarter valued at $74,000. Finally, BNP Paribas Financial Markets raised its stake in Tennant by 25.1% during 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 in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Tennant

In related news, Director James T. Jr. Glerum bought 8,163 shares of the stock in a transaction on Monday, March 2nd. The shares were bought at an average cost of $61.25 per share, for a total transaction of $499,983.75. Following the purchase, the director owned 8,600 shares of the company’s stock, valued at $526,750. This trade represents a 1,867.96% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Windley sold 3,694 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $63.86, for a total value of $235,898.84. Following the completion of the transaction, the director directly owned 7,422 shares in the company, valued at approximately $473,968.92. The trade was a 33.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have acquired a total of 20,163 shares of company stock worth $1,261,674 over the last three months. 2.60% of the stock is currently owned by company insiders.

Tennant Trading Down 1.5%

Shares of Tennant stock opened at $66.69 on Friday. 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 company has a market capitalization of $1.20 billion, a P/E ratio of 28.50, a PEG ratio of 1.97 and a beta of 1.07. Tennant Company has a 1 year low of $60.17 and a 1 year high of $85.90. The company’s fifty day moving average is $72.30 and its two-hundred day moving average is $75.51.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, February 27th. Tennant’s payout ratio is 52.99%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TNC shares. Wall Street Zen downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Freedom Capital downgraded Tennant from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Roth Mkm reissued a “buy” rating and issued a $91.00 target price (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. Zacks Research downgraded Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tennant in a research note 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $91.00.

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.