Two Sigma Advisers LP Grows Stock Position in Tennant (NYSE:TNC)

Two Sigma Advisers LP increased its holdings in Tennant (NYSE:TNC - Free Report) by 88.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,400 shares of the industrial products company's stock after purchasing an additional 17,100 shares during the quarter. Two Sigma Advisers LP owned approximately 0.19% of Tennant worth $2,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TNC. Amundi lifted its position in Tennant by 190.4% during the fourth quarter. Amundi now owns 9,666 shares of the industrial products company's stock valued at $773,000 after buying an additional 6,338 shares during the period. Barclays PLC lifted its position in Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock valued at $3,857,000 after acquiring an additional 27,712 shares in the last quarter. Vanguard Group Inc. lifted its position in Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock valued at $195,205,000 after acquiring an additional 12,422 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Tennant in the 4th quarter worth about $726,000. Finally, Principal Financial Group Inc. grew its stake in shares of Tennant by 3.6% in the fourth quarter. Principal Financial Group Inc. now owns 101,320 shares of the industrial products company's stock worth $8,261,000 after acquiring an additional 3,518 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Trading Down 0.1%

Shares of Tennant stock traded down $0.06 on Friday, reaching $74.48. The company had a trading volume of 141,572 shares, compared to its average volume of 142,120. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 17.00 and a beta of 1.07. The firm's 50-day moving average price is $73.79 and its two-hundred day moving average price is $81.10. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43.

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

Tennant declared that its board has initiated a stock repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Tennant Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.