Tennant Company $TNC Shares Acquired by Kopion Asset Management LLC

Key Points

• Kopion Asset Management LLC increased its position in Tennant Company by 109.1% in Q2, owning 84,109 shares worth approximately $6.5 million, making it the 12th largest holding in their portfolio.
• Tennant reported EPS of $1.49 for the last quarter, missing the analysts' estimate of $1.63, and experienced a 3.7% year-over-year decline in revenue.
• The company recently declared a quarterly dividend of $0.295 per share, resulting in an annualized dividend yield of 1.5%, with a payout ratio of 36.76%.

Kopion Asset Management LLC increased its position in Tennant Company (NYSE:TNC - Free Report) by 109.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 84,109 shares of the industrial products company's stock after purchasing an additional 43,884 shares during the period. Tennant accounts for about 4.4% of Kopion Asset Management LLC's investment portfolio, making the stock its 12th biggest holding. Kopion Asset Management LLC owned about 0.45% of Tennant worth $6,517,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Albert D Mason Inc. grew its stake in Tennant by 2.0% in the first quarter. Albert D Mason Inc. now owns 10,011 shares of the industrial products company's stock worth $798,000 after purchasing an additional 200 shares in the last quarter. Prentiss Smith & Co. Inc. grew its stake in Tennant by 0.6% in the first quarter. Prentiss Smith & Co. Inc. now owns 39,781 shares of the industrial products company's stock worth $3,173,000 after purchasing an additional 218 shares in the last quarter. Accredited Investors Inc. grew its stake in Tennant by 2.0% in the first quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company's stock worth $1,085,000 after purchasing an additional 261 shares in the last quarter. SFE Investment Counsel grew its stake in Tennant by 1.9% in the first quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company's stock worth $1,388,000 after purchasing an additional 323 shares in the last quarter. Finally, Cresset Asset Management LLC grew its stake in Tennant by 12.1% in the first quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company's stock worth $269,000 after purchasing an additional 365 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Stock Performance

Shares of TNC stock opened at $81.04 on Monday. 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 business has a 50 day moving average of $82.03 and a two-hundred day moving average of $78.33. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52. The company has a market cap of $1.50 billion, a P/E ratio of 25.25, a PEG ratio of 1.76 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The company 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 was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.83 earnings per share. As a group, analysts anticipate 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. Stockholders of record on Friday, August 29th will be given a dividend of $0.295 per share. The ex-dividend date is Friday, August 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. Tennant's payout ratio is currently 36.76%.

Analyst Ratings Changes

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

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.

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