Tennant (NYSE:TNC) Stock Position Raised by Kopion Asset Management LLC

Kopion Asset Management LLC raised its holdings in Tennant (NYSE:TNC - Free Report) by 24.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,225 shares of the industrial products company's stock after purchasing an additional 7,823 shares during the quarter. Tennant accounts for approximately 2.5% of Kopion Asset Management LLC's investment portfolio, making the stock its 17th biggest holding. Kopion Asset Management LLC owned 0.21% of Tennant worth $3,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Tennant by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock valued at $195,205,000 after purchasing an additional 12,422 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Tennant by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock worth $48,688,000 after purchasing an additional 9,920 shares during the last quarter. Millennium Management LLC boosted its position in shares of Tennant by 143.6% during the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after purchasing an additional 272,858 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Tennant by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company's stock valued at $21,117,000 after buying an additional 5,890 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Tennant by 21.8% during the 4th quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock worth $18,569,000 after buying an additional 40,729 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of TNC traded up $0.38 on Wednesday, reaching $74.84. The stock had a trading volume of 45,716 shares, compared to its average volume of 141,922. The firm has a market capitalization of $1.40 billion, a PE ratio of 17.09 and a beta of 1.07. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. Tennant has a twelve month low of $67.32 and a twelve month high of $110.45. The firm has a 50-day moving average of $73.30 and a 200 day moving average of $80.77.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). The business had revenue of $290.00 million during the quarter, compared to analysts' expectations of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business's revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.49 EPS. Sell-side analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 annualized dividend and a yield of 1.58%. Tennant's payout ratio is 32.96%.

Tennant declared that its board has approved a stock buyback plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

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.