Kopion Asset Management LLC Lowers Holdings in Tennant Company $TNC

Key Points

• Kopion Asset Management cut its Tennant stake by 41.8% in the second quarter, selling 71,675 shares and retaining 99,878 shares worth approximately $8.7 million. Tennant represented 5.5% of Kopion’s portfolio, while institutional investors collectively owned 93.33% of the stock.
• Tennant reported quarterly EPS of $0.58, exceeding estimates of $0.40, while revenue rose 2.7% year over year to $297.9 million. Shares opened at $89.11, near their 52-week high of $91.93.
• The company authorized a share-buyback program covering up to 11.1% of outstanding shares and declared a quarterly dividend of $0.31, or $1.24 annually, yielding about 1.4%. Analysts maintain a consensus “Moderate Buy” rating with a $91 price target.

Kopion Asset Management LLC reduced its stake in shares of Tennant Company (NYSE:TNC - Free Report) by 41.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,878 shares of the industrial products company's stock after selling 71,675 shares during the quarter. Tennant accounts for 5.5% of Kopion Asset Management LLC's portfolio, making the stock its 9th largest position. Kopion Asset Management LLC owned about 0.59% of Tennant worth $8,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its stake in shares of Tennant by 85.1% in the 4th quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 177 shares in the last quarter. UMB Bank n.a. increased its position in shares of Tennant by 1,778.6% during the 4th quarter. UMB Bank n.a. now owns 526 shares of the industrial products company's stock worth $39,000 after purchasing an additional 498 shares in the last quarter. State of Wyoming bought a new position in Tennant during the 2nd quarter valued at about $73,000. BNP Paribas Financial Markets lifted its holdings in Tennant by 25.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company's stock valued at $150,000 after purchasing an additional 389 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Tennant by 40.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,492 shares of the industrial products company's stock valued at $193,000 after purchasing an additional 722 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Tennant Price Performance

Shares of TNC stock opened at $89.11 on Wednesday. Tennant Company has a 52 week low of $60.17 and a 52 week high of $91.93. The stock has a market capitalization of $1.52 billion, a PE ratio of 53.68, a PEG ratio of 2.39 and a beta of 1.13. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.41 and a current ratio of 2.12. The stock's fifty day moving average is $86.83 and its 200-day moving average is $79.51.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.18. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The business had revenue of $297.90 million during the quarter, compared to analysts' expectations of $289.25 million. During the same period in the previous year, the business posted $1.12 earnings per share. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts expect that Tennant Company will post 5.12 EPS for the current fiscal year.

Tennant declared that its Board of Directors has initiated a share buyback program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, August 31st. Tennant's dividend payout ratio (DPR) is presently 74.70%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TNC. Zacks Research raised shares of Tennant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 26th. Wall Street Zen raised shares of Tennant from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.00.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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