Tennant Company $TNC Shares Bought by American Century Companies Inc.

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

Several other hedge funds and other institutional investors have also made changes to their positions in TNC. Millennium Management LLC raised its stake in shares of Tennant by 143.6% in the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock valued at $37,735,000 after acquiring an additional 272,858 shares during the period. Nuveen LLC purchased a new stake in shares of Tennant in the first quarter valued at $10,328,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Tennant in the fourth quarter valued at $10,390,000. Vision One Management Partners LP purchased a new stake in shares of Tennant in the fourth quarter valued at $9,262,000. Finally, Voloridge Investment Management LLC raised its stake in shares of Tennant by 150.0% in the fourth quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company's stock valued at $12,267,000 after acquiring an additional 90,273 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Wall Street Analyst Weigh In

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

Tennant Trading Down 1.1%

TNC stock traded down $0.92 during trading on Friday, hitting $82.07. The company had a trading volume of 80,877 shares, compared to its average volume of 110,565. The firm has a market capitalization of $1.52 billion, a P/E ratio of 25.57, a PEG ratio of 1.78 and a beta of 1.06. Tennant Company has a 52-week low of $67.32 and a 52-week high of $98.52. The company has a 50 day simple moving average of $81.46 and a 200-day simple moving average of $78.77. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The business 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 company's revenue for the quarter was down 3.7% on a year-over-year basis. During the same period last year, the business posted $1.83 EPS. As a group, research analysts forecast that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The company 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 $0.295 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. Tennant's payout ratio is presently 36.76%.

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.