American Century Companies Inc. Raises Position in Tennant Company $TNC

Key Points

• American Century Companies Inc. increased its stake in Tennant Company by 44.3% during Q1 2023, owning approximately 222,821 shares valued at $17.77 million.
• Tennant Company reported a quarterly EPS of $1.49, missing analysts' expectations, with revenue down 3.7% year-over-year.
• Tennant announced a quarterly dividend of $0.295, equating to an annual yield of 1.4%, with the ex-dividend date on August 29, 2023.

American Century Companies Inc. increased its holdings in Tennant Company (NYSE:TNC - Free Report) by 44.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 222,821 shares of the industrial products company's stock after buying an additional 68,453 shares during the period. American Century Companies Inc. owned 1.19% of Tennant worth $17,770,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in Tennant by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock worth $48,688,000 after buying an additional 9,920 shares during the period. Brown Advisory Inc. boosted its holdings in Tennant by 3.4% in the 1st quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock worth $45,309,000 after buying an additional 18,537 shares during the period. Millennium Management LLC boosted its holdings in Tennant by 143.6% in the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after buying an additional 272,858 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Tennant by 7.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 279,234 shares of the industrial products company's stock worth $22,269,000 after buying an additional 20,225 shares during the period. Finally, Northern Trust Corp boosted its holdings in Tennant by 21.8% in the 4th quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock worth $18,569,000 after buying an additional 40,729 shares during the period. 93.33% of the stock is owned by institutional investors.

Tennant Price Performance

NYSE TNC traded down $0.64 on Thursday, hitting $83.02. The stock had a trading volume of 111,860 shares, compared to its average volume of 152,171. Tennant Company has a 52-week low of $67.32 and a 52-week high of $98.52. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 25.86, a price-to-earnings-growth ratio of 1.80 and a beta of 1.06. The firm has a 50-day moving average of $81.15 and a 200-day moving average of $78.91.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.14). The company had revenue of $318.60 million for the quarter, compared to analysts' expectations of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. The business's quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.83 EPS. Equities analysts expect that Tennant Company will post 5.89 EPS for the current year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.295 per share. The ex-dividend date is Friday, August 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Tennant's dividend payout ratio (DPR) is 36.76%.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of Tennant to a "hold" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $125.00.

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.