Hotchkis & Wiley Capital Management LLC Makes New $9.20 Million Investment in Tennant Company $TNC

Key Points

• Hotchkis & Wiley Capital Management LLC invested approximately $9.20 million in Tennant Company, acquiring 115,390 shares valued at around 0.62% of the firm.
• Recent quarterly earnings showed Tennant reported $1.49 EPS, missing analyst expectations and reflecting a 3.7% year-over-year revenue decline.
• Tennant declared a quarterly dividend of $0.295 per share, with an annual yield of 1.4%, set to be paid on September 15th to shareholders of record by August 29th.

Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Tennant Company (NYSE:TNC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 115,390 shares of the industrial products company's stock, valued at approximately $9,202,000. Hotchkis & Wiley Capital Management LLC owned approximately 0.62% of Tennant at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Albert D Mason Inc. boosted its position in Tennant by 2.0% during the first quarter. Albert D Mason Inc. now owns 10,011 shares of the industrial products company's stock worth $798,000 after purchasing an additional 200 shares in the last quarter. Prentiss Smith & Co. Inc. raised its holdings in shares of Tennant by 0.6% during the first 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 last quarter. Accredited Investors Inc. raised its holdings in shares of Tennant by 2.0% during the first quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company's stock valued at $1,085,000 after acquiring an additional 261 shares during the last quarter. SFE Investment Counsel raised its holdings in shares of Tennant by 1.9% during the first quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company's stock valued at $1,388,000 after acquiring an additional 323 shares during the last quarter. Finally, Cresset Asset Management LLC raised its holdings in shares of Tennant by 12.1% during the first quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company's stock valued at $269,000 after acquiring an additional 365 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Trading Down 1.1%

NYSE TNC traded down $0.92 on Friday, reaching $82.07. 80,877 shares of the company were exchanged, compared to its average volume of 110,565. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The business's fifty day moving average price is $81.46 and its 200 day moving average price is $78.77. The stock has a market capitalization of $1.52 billion, a P/E ratio of 25.57, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $98.52.

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

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Tennant's dividend payout ratio is presently 36.76%.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Tennant to a "hold" rating in a report 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $125.00.

Tennant Company 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.