129,506 Shares in Tennant Company $TNC Purchased by Nuveen LLC

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 acquired a new stake in shares of Tennant Company (NYSE:TNC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 129,506 shares of the industrial products company's stock, valued at approximately $10,328,000. Nuveen LLC owned approximately 0.69% of Tennant as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Tennant by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 279,234 shares of the industrial products company's stock valued at $22,269,000 after acquiring an additional 20,225 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Tennant by 14.3% in the first quarter. PNC Financial Services Group Inc. now owns 5,813 shares of the industrial products company's stock valued at $464,000 after buying an additional 728 shares during the last quarter. SFE Investment Counsel boosted its position in Tennant by 1.9% in the first quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company's stock valued at $1,388,000 after buying an additional 323 shares during the last quarter. Accredited Investors Inc. boosted its position in Tennant by 2.0% in the first quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company's stock valued at $1,085,000 after buying an additional 261 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Tennant in the first quarter valued at approximately $763,000. Institutional investors and hedge funds own 93.33% of the company's stock.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Tennant to a "hold" rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $125.00.

Tennant Stock Performance

Tennant stock traded down $1.64 during mid-day trading on Thursday, hitting $82.03. The company had a trading volume of 14,842 shares, compared to its average volume of 151,559. 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 12-month low of $67.32 and a 12-month high of $98.52. The company's fifty day moving average is $81.15 and its 200-day moving average is $78.91. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 25.55, a P/E/G ratio of 1.80 and a beta of 1.06.

Tennant (NYSE:TNC - Get Free Report) last announced its earnings results 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 net margin of 4.84% and a return on equity of 16.41%. The business had revenue of $318.60 million for the quarter, compared to analysts' expectations of $327.20 million. During the same quarter last year, the business earned $1.83 EPS. The company's quarterly revenue was down 3.7% on a year-over-year basis. Equities research analysts predict that Tennant Company will post 5.89 EPS for the current year.

Tennant Announces Dividend

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