Ceredex Value Advisors LLC Purchases Shares of 124,250 Tennant Company $TNC

Key Points

• Ceredex Value Advisors LLC purchased 124,250 shares of Tennant Company valued at approximately $9.9 million, representing 0.67% of the company's stock.
• Multiple institutional investors increased their stakes in Tennant, with GAMMA Investing LLC raising its stake by 429% in the first quarter.
• Tennant Company recently announced a quarterly dividend of $0.295 per share, translating to an annualized dividend yield of 1.4% with a payout ratio of 36.76%.

Ceredex Value Advisors LLC acquired a new stake in Tennant Company (NYSE:TNC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 124,250 shares of the industrial products company's stock, valued at approximately $9,909,000. Ceredex Value Advisors LLC owned approximately 0.67% of Tennant as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in TNC. GAMMA Investing LLC increased its stake in Tennant by 429.0% in the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 399 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Tennant by 194.8% in the 1st quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 409 shares during the period. CWM LLC grew its stake in shares of Tennant by 137.0% in the 1st quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock valued at $121,000 after purchasing an additional 878 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Tennant by 18.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,060 shares of the industrial products company's stock worth $249,000 after buying an additional 469 shares in the last quarter. Finally, Turtle Creek Asset Management Inc. bought a new position in shares of Tennant during the 4th quarter worth approximately $261,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Tennant to a "hold" rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $125.00.

Tennant Stock Performance

NYSE:TNC opened at $83.13 on Wednesday. Tennant Company has a 1 year low of $67.32 and a 1 year high of $98.52. The firm has a 50 day moving average of $80.97 and a 200-day moving average of $78.87. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.54 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 1.80 and a beta of 1.06.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly 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). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The business had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. During the same quarter last year, the company earned $1.83 earnings per share. The firm's revenue was down 3.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

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

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.

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