GAMMA Investing LLC Grows Holdings in Tennant (NYSE:TNC)

GAMMA Investing LLC boosted its holdings in shares of Tennant (NYSE:TNC - Free Report) by 42,090.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,237 shares of the industrial products company's stock after acquiring an additional 39,144 shares during the quarter. GAMMA Investing LLC owned 0.21% of Tennant worth $3,129,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its position in shares of 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 during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Tennant during the 4th quarter valued at $59,000. Canada Pension Plan Investment Board increased its position in shares of Tennant by 120.0% during the 4th 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 during the last quarter. New Age Alpha Advisors LLC purchased a new position in Tennant in the fourth quarter valued at approximately $104,000. Finally, Summit Investment Advisors Inc. increased its holdings in Tennant by 7.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock worth $162,000 after acquiring an additional 142 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of TNC stock traded down $1.88 on Friday, reaching $74.24. The company's stock had a trading volume of 135,379 shares, compared to its average volume of 142,306. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. Tennant has a 12-month low of $67.32 and a 12-month high of $110.45. The company has a market capitalization of $1.38 billion, a P/E ratio of 16.95 and a beta of 1.05. The stock's 50 day simple moving average is $73.06 and its 200-day simple moving average is $80.12.

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

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a $0.295 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 dividend on an annualized basis and a yield of 1.59%. Tennant's dividend payout ratio is presently 32.96%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Tennant from a "strong-buy" rating to a "buy" rating in a research 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.