Tennant Company $TNC Shares Purchased 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 lifted its position in shares of Tennant Company (NYSE:TNC - Free Report) by 109.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,109 shares of the industrial products company's stock after purchasing an additional 43,884 shares during the period. Tennant comprises approximately 4.4% of Kopion Asset Management LLC's portfolio, making the stock its 12th largest position. Kopion Asset Management LLC owned approximately 0.45% of Tennant worth $6,517,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TNC. BNP Paribas Financial Markets grew its position in shares of Tennant by 43.3% in the 4th quarter. BNP Paribas Financial Markets now owns 15,294 shares of the industrial products company's stock valued at $1,247,000 after buying an additional 4,621 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Tennant by 169.8% in the 4th quarter. Deutsche Bank AG now owns 28,809 shares of the industrial products company's stock valued at $2,349,000 after purchasing an additional 18,130 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Tennant by 3.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,780 shares of the industrial products company's stock valued at $879,000 after purchasing an additional 396 shares during the period. Millennium Management LLC boosted its position in shares of Tennant by 143.6% in the 4th 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. Finally, ProShare Advisors LLC boosted its position in shares of Tennant by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 5,712 shares of the industrial products company's stock valued at $466,000 after purchasing an additional 1,758 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Tennant Stock Performance

NYSE:TNC traded down $1.17 during midday trading on Friday, reaching $81.27. The stock had a trading volume of 59,380 shares, compared to its average volume of 147,227. The firm has a fifty day simple moving average of $81.98 and a two-hundred day simple moving average of $78.32. Tennant Company has a 12-month low of $67.32 and a 12-month 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 stock has a market cap of $1.50 billion, a P/E ratio of 25.32, a P/E/G ratio of 1.76 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 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 business had revenue of $318.60 million during the quarter, compared to analyst estimates of $327.20 million. During the same period in the prior year, the business earned $1.83 earnings per share. The firm's quarterly revenue was down 3.7% compared to the same quarter last year. On average, equities analysts expect that Tennant Company will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.18 annualized dividend and a yield of 1.5%. Tennant's payout ratio is currently 36.76%.

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.