Invenomic Capital Management LP Grows Holdings in Tennant Company $TNC

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 boosted its position in shares of Tennant Company (NYSE:TNC - Free Report) by 277.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 279,800 shares of the industrial products company's stock after acquiring an additional 205,596 shares during the period. Tennant comprises 1.1% of Invenomic Capital Management LP's investment portfolio, making the stock its 23rd biggest holding. Invenomic Capital Management LP owned about 1.50% of Tennant worth $22,314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Albert D Mason Inc. grew its holdings in Tennant by 2.0% during the 1st quarter. Albert D Mason Inc. now owns 10,011 shares of the industrial products company's stock worth $798,000 after acquiring an additional 200 shares in the last quarter. Prentiss Smith & Co. Inc. grew its holdings in Tennant by 0.6% during the 1st quarter. Prentiss Smith & Co. Inc. now owns 39,781 shares of the industrial products company's stock worth $3,173,000 after acquiring an additional 218 shares in the last quarter. Accredited Investors Inc. grew its holdings in Tennant by 2.0% during the 1st quarter. Accredited Investors Inc. now owns 13,609 shares of the industrial products company's stock worth $1,085,000 after acquiring an additional 261 shares in the last quarter. SFE Investment Counsel grew its holdings in Tennant by 1.9% during the 1st quarter. SFE Investment Counsel now owns 17,400 shares of the industrial products company's stock worth $1,388,000 after acquiring an additional 323 shares in the last quarter. Finally, Cresset Asset Management LLC grew its holdings in Tennant by 12.1% during the 1st quarter. Cresset Asset Management LLC now owns 3,372 shares of the industrial products company's stock worth $269,000 after acquiring an additional 365 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tennant Stock Down 0.2%

Shares of NYSE:TNC traded down $0.18 during trading on Wednesday, hitting $81.03. 32,128 shares of the company were exchanged, compared to its average volume of 149,219. The stock has a market capitalization of $1.50 billion, a P/E ratio of 25.26, a PEG ratio of 1.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38. Tennant Company has a 12-month low of $67.32 and a 12-month high of $98.52. The firm's 50 day moving average price is $82.05 and its 200-day moving average price is $78.48.

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

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.295 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.18 annualized dividend and a yield of 1.5%. Tennant's dividend payout ratio is 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.