Ieq Capital LLC Invests $299,000 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 acquired a new position in shares of Tennant Company (NYSE:TNC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,746 shares of the industrial products company's stock, valued at approximately $299,000.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock worth $39,000 after acquiring an additional 399 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Tennant by 194.8% during the first quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock worth $50,000 after acquiring an additional 409 shares during the period. CWM LLC boosted its holdings in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock worth $121,000 after acquiring an additional 878 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Tennant by 18.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,060 shares of the industrial products company's stock worth $249,000 after acquiring an additional 469 shares during the period. Finally, Turtle Creek Asset Management Inc. bought a new stake in shares of Tennant during the fourth quarter worth approximately $261,000. Institutional investors own 93.33% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded 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 assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $125.00.

Tennant Stock Up 0.4%

NYSE TNC opened at $82.88 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. Tennant Company has a 1-year low of $67.32 and a 1-year high of $98.52. The company has a 50 day moving average of $81.93 and a 200-day moving average of $78.64. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 1.79 and a beta of 1.09.

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

Tennant Dividend Announcement

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

About Tennant

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.

Want to see what other hedge funds are holding TNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tennant Company (NYSE:TNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.