Tennant Company (NYSE:TNC) Shares Acquired by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Tennant Company by 28.2%, owning 27,837 shares valued at approximately $2.22 million as of the latest quarter.
• Multiple institutional investors have also made adjustments to their positions, with a total of 93.33% of Tennant's stock currently owned by institutional shareholders.
• Tennant Company reported a net revenue decline of 6.8% year-over-year and earnings of $1.12 per share, missing analysts' expectations of $1.38 per share.

Victory Capital Management Inc. grew its holdings in Tennant Company (NYSE:TNC - Free Report) by 28.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,837 shares of the industrial products company's stock after buying an additional 6,117 shares during the period. Victory Capital Management Inc. owned 0.15% of Tennant worth $2,220,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Tennant by 429.0% in the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after buying an additional 399 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Tennant by 3.3% in the first quarter. Principal Financial Group Inc. now owns 104,690 shares of the industrial products company's stock valued at $8,349,000 after buying an additional 3,370 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Tennant by 68.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 52,244 shares of the industrial products company's stock valued at $4,195,000 after purchasing an additional 21,164 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Tennant by 25.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company's stock valued at $307,000 after purchasing an additional 789 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Tennant by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock valued at $195,205,000 after purchasing an additional 12,422 shares during the period. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Trading Down 1.5%

Shares of TNC traded down $1.25 during mid-day trading on Friday, reaching $81.29. The stock had a trading volume of 28,036 shares, compared to its average volume of 157,075. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.14 and a quick ratio of 1.40. Tennant Company has a 52-week low of $67.32 and a 52-week high of $100.55. The business's fifty day moving average is $78.13 and its 200 day moving average is $79.32. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 22.72 and a beta of 1.05.

Tennant (NYSE:TNC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.26). Tennant had a return on equity of 17.76% and a net margin of 5.40%. The company had revenue of $290.00 million for the quarter, compared to analysts' expectations of $296.63 million. During the same period last year, the business earned $1.49 EPS. The company's quarterly revenue was down 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Tennant Company will post 5.89 EPS for the current fiscal year.

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.