Cubist Systematic Strategies LLC Reduces Stock Position in Tennant Company $TNC

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Tennant Company by 95.4% in Q1, now holding shares valued at approximately $374,000.
• GAMMA Investing LLC significantly increased its holdings by 429.0%, alongside other institutional investors also boosting their stakes in Tennant during the same period.
• Tennant reported a net loss in EPS for the recent quarter, missing the consensus estimate and showing a 3.7% decline in year-over-year revenue.

Cubist Systematic Strategies LLC cut its holdings in Tennant Company (NYSE:TNC - Free Report) by 95.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,693 shares of the industrial products company's stock after selling 98,206 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Tennant were worth $374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Royal Bank of Canada grew its holdings in Tennant by 23.0% in the first quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company's stock worth $364,000 after purchasing an additional 854 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in shares of Tennant in the 1st quarter worth approximately $526,000. Ieq Capital LLC purchased a new stake in shares of Tennant in the 1st quarter worth approximately $299,000. Gamco Investors INC. ET AL grew its stake in shares of Tennant by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 474,650 shares of the industrial products company's stock worth $37,853,000 after buying an additional 1,600 shares during the last quarter. Finally, Keeley Teton Advisors LLC purchased a new stake in shares of Tennant in the 1st quarter worth approximately $1,639,000. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Stock Down 1.0%

Shares of NYSE:TNC traded down $0.80 during trading on Wednesday, reaching $80.82. 121,428 shares of the stock traded hands, compared to its average volume of 90,170. The stock has a 50-day moving average of $81.99 and a two-hundred day moving average of $78.33. 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 stock has a market cap of $1.49 billion, a P/E ratio of 25.18, a price-to-earnings-growth ratio of 1.77 and a beta of 1.09.

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

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Tennant's dividend payout ratio (DPR) is 36.76%.

Wall Street Analyst Weigh In

Separately, Zacks Research raised 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 issued a Hold rating to the stock. According to MarketBeat, Tennant currently has a consensus rating of "Moderate Buy" and an average target price of $125.00.

About Tennant

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.