OMERS ADMINISTRATION Corp Takes Position in Tennant Company $TNC

Key Points

• OMERS ADMINISTRATION Corp has acquired a new stake in Tennant Company, purchasing 6,600 shares valued at approximately $526,000 during the 1st quarter.
• Tennant recently reported quarterly earnings with an EPS of $1.49, falling short of estimates, and a revenue decrease of 3.7% compared to the previous year.
• The company declared a $0.295 quarterly dividend, which is set to be paid on September 15th, representing a 1.5% annualized yield.

OMERS ADMINISTRATION Corp bought a new position in shares of Tennant Company (NYSE:TNC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,600 shares of the industrial products company's stock, valued at approximately $526,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TNC. Millennium Management LLC boosted its stake in 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 purchasing an additional 272,858 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Tennant during the 1st quarter valued at about $13,456,000. Nuveen LLC acquired a new position in shares of Tennant during the 1st quarter valued at about $10,328,000. Deprince Race & Zollo Inc. acquired a new position in shares of Tennant during the 4th quarter valued at about $10,390,000. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Tennant during the 1st quarter valued at about $9,909,000. Institutional investors and hedge funds own 93.33% of the company's stock.

Wall Street Analyst Weigh In

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

Tennant Stock Down 1.1%

Shares of Tennant stock traded down $0.94 on Monday, reaching $82.00. 12,354 shares of the company were exchanged, compared to its average volume of 149,835. Tennant Company has a 1-year low of $67.32 and a 1-year high of $98.52. The company has a market cap of $1.51 billion, a P/E ratio of 25.64, a price-to-earnings-growth ratio of 1.80 and a beta of 1.09. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38. The stock's 50 day moving average price is $81.93 and its 200-day moving average price is $78.50.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly 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). The business had revenue of $318.60 million during the quarter, compared to analyst estimates of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the company earned $1.83 earnings per share. As a group, equities analysts forecast that Tennant Company will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The firm 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 $0.295 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.18 annualized dividend and a yield of 1.4%. Tennant's dividend payout ratio is presently 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.