Dimensional Fund Advisors LP Purchases 49,136 Shares of Tennant Company $TNC

Key Points

• Dimensional Fund Advisors increased its Tennant stake by 8.4% in the first quarter, purchasing 49,136 shares and bringing its holdings to 634,158 shares, worth approximately $42.1 million. Institutional investors collectively own 93.33% of Tennant.
• Tennant’s latest quarterly results exceeded expectations, with EPS of $0.58 versus the $0.40 consensus estimate and revenue of $297.9 million versus $289.25 million expected. Revenue rose 2.7% year over year, although EPS declined from $1.12 in the prior-year quarter.
• The company authorized a buyback of up to 11.1% of its outstanding shares, while analysts maintain a “Moderate Buy” consensus rating with a $91 target price; Tennant recently traded at $86.00.

Dimensional Fund Advisors LP increased its position in Tennant Company (NYSE:TNC - Free Report) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 634,158 shares of the industrial products company's stock after acquiring an additional 49,136 shares during the period. Dimensional Fund Advisors LP owned about 3.52% of Tennant worth $42,106,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TNC. Hantz Financial Services Inc. lifted its holdings in Tennant by 85.1% in the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 177 shares during the period. UMB Bank n.a. grew its stake in shares of Tennant by 1,778.6% during the 4th quarter. UMB Bank n.a. now owns 526 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 498 shares during the period. State of Wyoming bought a new stake in shares of Tennant during the 2nd quarter valued at about $73,000. BNP Paribas Financial Markets increased its position in shares of Tennant by 25.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company's stock valued at $150,000 after purchasing an additional 389 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Tennant by 40.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,492 shares of the industrial products company's stock valued at $193,000 after purchasing an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Stock Up 2.3%

NYSE TNC opened at $86.00 on Tuesday. Tennant Company has a 52 week low of $60.17 and a 52 week high of $91.93. The company has a quick ratio of 1.41, a current ratio of 2.12 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $1.47 billion, a P/E ratio of 51.81, a price-to-earnings-growth ratio of 2.34 and a beta of 1.13. The stock's 50-day moving average price is $86.77 and its 200-day moving average price is $79.44.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.18. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The company had revenue of $297.90 million during the quarter, compared to the consensus estimate of $289.25 million. During the same period in the previous year, the company posted $1.12 EPS. The firm's revenue was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Tennant Company will post 5.12 earnings per share for the current year.

Tennant announced that its Board of Directors has approved a stock buyback plan on Monday, May 4th that permits the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TNC shares. Zacks Research raised shares of Tennant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 26th. Weiss Ratings raised shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. Finally, Wall Street Zen raised shares of Tennant from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $91.00.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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