Ieq Capital LLC Takes $299,000 Position in Tennant Company $TNC

Key Points

• Ieq Capital LLC has invested $299,000 in Tennant Company by acquiring 3,746 shares in the first quarter, according to their recent 13F filing.
• Several institutional investors have significantly increased their holdings in Tennant, with GAMMA Investing LLC boosting its position by 429.0%.
• Tennant's most recent earnings report showed earnings of $1.49 per share, missing analyst expectations, with a net margin of 4.84% and revenue down 3.7% year-over-year.

Ieq Capital LLC purchased a new position in shares of Tennant Company (NYSE:TNC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,746 shares of the industrial products company's stock, valued at approximately $299,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TNC. Millennium Management LLC lifted its holdings in shares of Tennant by 143.6% during the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after acquiring an additional 272,858 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new stake in shares of Tennant during the 1st quarter worth approximately $13,456,000. Nuveen LLC bought a new stake in shares of Tennant during the 1st quarter worth approximately $10,328,000. Deprince Race & Zollo Inc. bought a new stake in shares of Tennant during the 4th quarter worth approximately $10,390,000. Finally, Ceredex Value Advisors LLC bought a new stake in shares of Tennant during the 1st quarter worth approximately $9,909,000. Institutional investors own 93.33% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of 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. Based on data from MarketBeat, Tennant currently has a consensus rating of "Moderate Buy" and a consensus target price of $125.00.

Tennant Price Performance

TNC stock traded up $1.92 during trading on Thursday, reaching $82.96. 82,856 shares of the company were exchanged, compared to its average volume of 95,958. The company has a 50-day moving average of $82.05 and a two-hundred day moving average of $78.47. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 1.76 and a beta of 1.09. Tennant Company has a twelve month low of $67.32 and a twelve month high of $98.52. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38.

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

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Tennant's dividend payout ratio (DPR) is presently 36.76%.

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.