Nuveen LLC Buys New Holdings in Tennant Company $TNC

Key Points

• Nuveen LLC acquired a new position in Tennant Company, purchasing 129,506 shares valued at approximately $10.3 million, giving it about 0.69% ownership.
• In the 1st quarter, other institutional investors, including GAMMA Investing LLC and Allspring Global Investments, significantly increased their holdings in Tennant Company.
• Tennant announced a quarterly dividend of $0.295 per share, with a dividend yield of 1.4%, to be paid on September 15th.

Nuveen LLC purchased a new stake in shares of Tennant Company (NYSE:TNC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 129,506 shares of the industrial products company's stock, valued at approximately $10,328,000. Nuveen LLC owned about 0.69% of Tennant at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TNC. Millennium Management LLC grew its holdings in shares of Tennant by 143.6% during the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after purchasing an additional 272,858 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new position in shares of Tennant during the fourth quarter worth about $10,390,000. Vision One Management Partners LP purchased a new position in shares of Tennant during the fourth quarter worth about $9,262,000. Voloridge Investment Management LLC grew its holdings in shares of Tennant by 150.0% during the fourth quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company's stock worth $12,267,000 after purchasing an additional 90,273 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of Tennant by 668.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 86,130 shares of the industrial products company's stock worth $7,022,000 after purchasing an additional 74,920 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Price Performance

Shares of TNC traded down $0.64 during midday trading on Thursday, reaching $83.02. The stock had a trading volume of 111,860 shares, compared to its average volume of 110,931. The company's 50-day moving average is $81.31 and its 200 day moving average is $78.88. Tennant Company has a 12-month low of $67.32 and a 12-month high of $98.52. 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 company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 25.86, a price-to-earnings-growth ratio of 1.82 and a beta of 1.06.

Tennant (NYSE:TNC - Get Free Report) last posted 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). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The firm had revenue of $318.60 million during the quarter, compared to analysts' expectations of $327.20 million. During the same quarter in the previous year, the company posted $1.83 earnings per share. Tennant's revenue for the quarter was down 3.7% compared to the same quarter last year. On average, equities analysts predict that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Tennant to a "hold" rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.