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

Two Sigma Advisers LP raised its position in shares of Tennant (NYSE:TNC - Free Report) by 88.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 0.19% of Tennant worth $2,968,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TNC. Millennium Management LLC raised 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 valued at $37,735,000 after purchasing an additional 272,858 shares during the period. Norges Bank purchased a new stake in Tennant in the 4th quarter worth $10,417,000. Deprince Race & Zollo Inc. bought a new stake in Tennant during the fourth quarter valued at about $10,390,000. JPMorgan Chase & Co. lifted its position in shares of Tennant by 204.4% in the fourth quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company's stock valued at $12,072,000 after acquiring an additional 99,423 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in shares of Tennant by 668.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 86,130 shares of the industrial products company's stock worth $7,022,000 after purchasing an additional 74,920 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Tennant Price Performance

Shares of TNC stock traded down $0.06 during mid-day trading on Friday, hitting $74.48. The company had a trading volume of 141,572 shares, compared to its average volume of 142,223. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. The stock's 50 day moving average price is $73.66 and its 200-day moving average price is $80.91. Tennant has a 52-week low of $67.32 and a 52-week high of $110.45. The company has a market capitalization of $1.39 billion, a P/E ratio of 17.00 and a beta of 1.07.

Tennant (NYSE:TNC - Get Free Report) last announced 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 firm's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 EPS. Equities research analysts forecast that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

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

Tennant announced that its Board of Directors has initiated a stock buyback program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.