Tennant Company $TNC Holdings Boosted by Vision One Management Partners LP

Key Points

• Vision One Management Partners LP increased its holdings in Tennant Company by 27.4% in the first quarter, making it the 6th largest position in their portfolio at a value of approximately $11.5 million.
• Several institutional investors, including GAMMA Investing LLC and Farther Finance Advisors LLC, significantly boosted their stakes in Tennant during the first quarter, leading to 93.33% of the stock being owned by hedge funds and other institutions.
• Tennant reported a earnings miss with $1.49 EPS for the quarter, falling short of the consensus estimate of $1.63, as revenues declined by 3.7% year-over-year.

Vision One Management Partners LP increased its position in Tennant Company (NYSE:TNC - Free Report) by 27.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,773 shares of the industrial products company's stock after acquiring an additional 31,169 shares during the period. Tennant comprises about 6.7% of Vision One Management Partners LP's investment portfolio, making the stock its 6th biggest holding. Vision One Management Partners LP owned 0.78% of Tennant worth $11,546,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings 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 worth $39,000 after acquiring an additional 399 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Tennant by 194.8% in the first quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock worth $50,000 after acquiring an additional 409 shares during the period. CWM LLC grew its holdings in shares of Tennant by 137.0% in the first quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock worth $121,000 after acquiring an additional 878 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Tennant by 18.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,060 shares of the industrial products company's stock worth $249,000 after acquiring an additional 469 shares during the period. Finally, Turtle Creek Asset Management Inc. bought a new stake in shares of Tennant in the fourth quarter worth $261,000. Institutional investors own 93.33% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Tennant to a "hold" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $125.00.

Tennant Stock Performance

NYSE:TNC traded up $0.31 during mid-day trading on Friday, hitting $82.88. 104,381 shares of the company traded hands, compared to its average volume of 98,322. The stock's fifty day moving average price is $81.93 and its 200-day moving average price is $78.64. Tennant Company has a one year low of $67.32 and a one year high of $98.52. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 25.82, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.14). Tennant had a net margin of 4.84% and a return on equity of 16.41%. The company had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. During the same period in the prior year, the firm posted $1.83 EPS. The business's revenue for the quarter was down 3.7% on a year-over-year basis. Research analysts anticipate that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

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