Ceredex Value Advisors LLC Acquires New Stake in 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 purchased a new stake in Tennant Company (NYSE:TNC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 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 SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TNC. Albert D Mason Inc. grew its stake in shares of Tennant by 2.0% in the first quarter. Albert D Mason Inc. now owns 10,011 shares of the industrial products company's stock valued at $798,000 after buying an additional 200 shares in the last quarter. Prentiss Smith & Co. Inc. grew its position in shares of Tennant by 0.6% in the 1st quarter. Prentiss Smith & Co. Inc. now owns 39,781 shares of the industrial products company's stock valued at $3,173,000 after acquiring an additional 218 shares during the period. Accredited Investors Inc. increased its stake in shares of Tennant by 2.0% during the 1st quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company's stock worth $1,085,000 after purchasing an additional 261 shares during the last quarter. SFE Investment Counsel increased its stake in shares of Tennant by 1.9% during the 1st quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company's stock worth $1,388,000 after purchasing an additional 323 shares during the last quarter. Finally, Cresset Asset Management LLC raised its holdings in shares of Tennant by 12.1% in the 1st quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company's stock valued at $269,000 after purchasing an additional 365 shares during the period. Institutional investors own 93.33% of the company's stock.

Wall Street Analyst Weigh In

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

Tennant Price Performance

Shares of TNC stock traded down $0.92 during trading hours on Monday, reaching $82.07. The company's stock had a trading volume of 80,877 shares, compared to its average volume of 109,645. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $98.52. The firm's 50 day simple moving average is $81.46 and its 200-day simple moving average is $78.71. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 1.78 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last announced 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 business had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.Tennant's quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 earnings per share. Sell-side analysts forecast that Tennant Company will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend 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%.

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.