Tennant Company $TNC Shares Bought by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP raised its stake in Tennant Company by 277.1% in Q1, acquiring 205,596 additional shares to reach a total of 279,800, making Tennant its 23rd largest holding.
• Zacks Research upgraded Tennant's stock to a "hold" rating, with an average price target of $125.00 per share, reflecting analysts' moderate confidence in its performance.
• Tennant reported a net margin of 4.84% and a quarterly EPS of $1.49, missing expectations while announcing a dividend of $0.295 per share, effective September 15th.

Invenomic Capital Management LP lifted its stake in Tennant Company (NYSE:TNC - Free Report) by 277.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,800 shares of the industrial products company's stock after buying an additional 205,596 shares during the period. Tennant makes up 1.1% of Invenomic Capital Management LP's investment portfolio, making the stock its 23rd largest holding. Invenomic Capital Management LP owned about 1.50% of Tennant worth $22,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of TNC. Banque Transatlantique SA bought a new position in Tennant during the 1st quarter valued at $59,000. Alta Fox Capital Management LLC acquired a new stake in shares of Tennant in the first quarter worth $73,000. AQR Capital Management LLC boosted its stake in Tennant by 68.8% during the first quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company's stock worth $3,966,000 after buying an additional 20,275 shares in the last quarter. Vision One Management Partners LP raised its holdings in Tennant by 27.4% during the 1st quarter. Vision One Management Partners LP now owns 144,773 shares of the industrial products company's stock worth $11,546,000 after purchasing an additional 31,169 shares during the last quarter. Finally, Royal Bank of Canada grew its position in shares of Tennant by 23.0% during the 1st quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company's stock worth $364,000 after buying an additional 854 shares during the period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Tennant to a "hold" rating in a research note 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. According to data from MarketBeat, Tennant has an average rating of "Moderate Buy" and a consensus price target of $125.00.

Tennant Price Performance

Tennant stock traded down $0.84 during midday trading on Monday, reaching $82.11. 91,773 shares of the stock traded hands, compared to its average volume of 97,871. 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's fifty day moving average is $82.02 and its 200-day moving average is $78.46. The stock has a market cap of $1.52 billion, a P/E ratio of 25.58, a PEG ratio of 1.80 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the company earned $1.83 EPS. As a group, equities research analysts anticipate that Tennant Company will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.295 per share. 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 currently 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.