Invesco Ltd. Has $10.63 Million Stake in Tennant Company $TNC

Key Points

• Invesco Ltd. has reduced its stake in Tennant Company by 31.1%, now owning approximately 0.71% of the company's shares. The firm sold 60,149 shares, leaving it with 133,272 shares worth about $10.6 million.
• Analyst ratings for Tennant Company have been upgraded by Zacks Research to a "hold" rating, with one analyst rating it a Buy and a target price of $125.00.
• Tennant Company reported a quarterly EPS of $1.49, which missed analysts' expectations by $0.14, with revenue declining 3.7% year-over-year.

Invesco Ltd. reduced its stake in shares of Tennant Company (NYSE:TNC - Free Report) by 31.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,272 shares of the industrial products company's stock after selling 60,149 shares during the quarter. Invesco Ltd. owned about 0.71% of Tennant worth $10,628,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Tennant by 429.0% during the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock worth $39,000 after buying an additional 399 shares during the last quarter. Principal Financial Group Inc. raised its stake in Tennant by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 104,690 shares of the industrial products company's stock valued at $8,349,000 after acquiring an additional 3,370 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Tennant by 68.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 52,244 shares of the industrial products company's stock valued at $4,195,000 after acquiring an additional 21,164 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Tennant by 25.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company's stock valued at $307,000 after acquiring an additional 789 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Tennant during the 1st quarter valued at $763,000. 93.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised 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's stock. According to data from MarketBeat, Tennant has a consensus rating of "Moderate Buy" and an average target price of $125.00.

Tennant Price Performance

Shares of NYSE TNC traded down $0.64 during trading on Thursday, hitting $83.02. The company had a trading volume of 111,860 shares, compared to its average volume of 152,171. The company has a market cap of $1.53 billion, a P/E ratio of 25.86, a PEG ratio of 1.80 and a beta of 1.06. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52. The business's 50-day moving average is $81.15 and its 200 day moving average is $78.91. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09.

Tennant (NYSE:TNC - Get Free Report) last posted 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). The company had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. Tennant's quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 EPS. Equities research analysts predict that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.295 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.4%. Tennant's dividend payout ratio is currently 36.76%.

Tennant 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.