Tennant Company $TNC Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Tennant Company by 46.1% during the first quarter, now owning approximately 0.43% of the company valued at $6.41 million.
• Tennant Company reported $1.49 EPS for the last quarter, which fell short of analysts' expectations of $1.63, with revenue also declining 3.7% year-over-year.
• The company declared a quarterly dividend of $0.295 per share, resulting in an annual yield of 1.4%, aligning with a payout ratio of 36.76%.

Russell Investments Group Ltd. increased its position in Tennant Company (NYSE:TNC - Free Report) by 46.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,430 shares of the industrial products company's stock after purchasing an additional 25,392 shares during the quarter. Russell Investments Group Ltd. owned 0.43% of Tennant worth $6,414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in TNC. Millennium Management LLC boosted its stake in shares of Tennant by 143.6% in the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock valued at $37,735,000 after purchasing an additional 272,858 shares during the period. Nuveen LLC purchased a new position in shares of Tennant in the first quarter valued at $10,328,000. Deprince Race & Zollo Inc. purchased a new position in shares of Tennant in the fourth quarter valued at $10,390,000. Vision One Management Partners LP purchased a new position in shares of Tennant in the fourth quarter valued at $9,262,000. Finally, Voloridge Investment Management LLC boosted its stake in Tennant by 150.0% during the 4th quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company's stock valued at $12,267,000 after acquiring an additional 90,273 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Tennant Stock Performance

Shares of NYSE:TNC traded up $0.08 on Tuesday, reaching $83.13. 100,570 shares of the company's stock were exchanged, compared to its average volume of 112,163. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 1.80 and a beta of 1.06. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $98.52. The business's 50-day moving average is $80.97 and its two-hundred day moving average is $78.87. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33.

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

Tennant Dividend Announcement

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

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.