Tennant (NYSE:TNC) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in Tennant (NYSE:TNC - Free Report) by 42,090.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,237 shares of the industrial products company's stock after buying an additional 39,144 shares during the quarter. GAMMA Investing LLC owned 0.21% of Tennant worth $3,129,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its stake in Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 301 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tennant during the 4th quarter worth approximately $59,000. Canada Pension Plan Investment Board grew its position in shares of Tennant by 120.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock valued at $90,000 after purchasing an additional 600 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Tennant in the fourth quarter valued at approximately $104,000. Finally, Summit Investment Advisors Inc. lifted its position in Tennant by 7.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock worth $162,000 after buying an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Trading Up 0.9%

TNC traded up $0.70 on Thursday, hitting $76.00. The company had a trading volume of 102,502 shares, compared to its average volume of 142,569. The company's fifty day moving average price is $72.87 and its 200 day moving average price is $80.32. The firm has a market cap of $1.42 billion, a P/E ratio of 17.35 and a beta of 1.05. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). The firm had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned $1.49 earnings per share. As a group, equities analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, May 30th. Tennant's payout ratio is currently 32.96%.

Tennant announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Tennant from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th.

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.