Victory Capital Management Inc. Purchases 6,117 Shares of Tennant Company (NYSE:TNC)

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. raised its holdings in shares of Tennant Company (NYSE:TNC - Free Report) by 28.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,837 shares of the industrial products company's stock after purchasing an additional 6,117 shares during the quarter. Victory Capital Management Inc. owned approximately 0.15% of Tennant worth $2,220,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock worth $121,000 after buying an additional 878 shares in the last quarter. Brown Advisory Inc. raised its stake in Tennant by 3.4% in the first quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock valued at $45,309,000 after purchasing an additional 18,537 shares in the last quarter. Lightrock Netherlands B.V. grew its position in Tennant by 72.2% in the first quarter. Lightrock Netherlands B.V. now owns 104,176 shares of the industrial products company's stock valued at $8,322,000 after acquiring an additional 43,676 shares during the last quarter. Principal Financial Group Inc. grew its position in 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 acquiring an additional 3,370 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in Tennant by 7.1% in the first quarter. Teacher Retirement System of Texas now owns 63,391 shares of the industrial products company's stock valued at $5,055,000 after acquiring an additional 4,182 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Price Performance

Tennant stock traded up $0.23 during midday trading on Tuesday, reaching $82.95. The company's stock had a trading volume of 90,013 shares, compared to its average volume of 107,161. Tennant Company has a 52 week low of $67.32 and a 52 week high of $109.58. The company has a current ratio of 2.14, a quick ratio of 1.40 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average price of $77.66 and a 200-day moving average price of $79.27. The stock has a market cap of $1.55 billion, a PE ratio of 23.17 and a beta of 1.05.

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

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.