Two Sigma Investments LP Boosts Holdings in Tennant (NYSE:TNC)

Two Sigma Investments LP boosted its position in Tennant (NYSE:TNC - Free Report) by 206.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,794 shares of the industrial products company's stock after buying an additional 55,782 shares during the period. Two Sigma Investments LP owned approximately 0.44% of Tennant worth $6,750,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

Tennant Stock Performance

NYSE:TNC traded up $0.33 during trading hours on Friday, hitting $74.58. 11,837 shares of the company were exchanged, compared to its average volume of 141,619. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 17.04 and a beta of 1.07. The company's 50 day moving average price is $73.94 and its 200-day moving average price is $81.22. 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 has a 52-week low of $67.32 and a 52-week high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings data 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 net margin of 6.51% and a return on equity of 19.98%. The company's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period last year, the business earned $1.49 earnings per share. As a group, research analysts forecast that Tennant will post 5.89 earnings per share for the current year.

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

Tennant Announces Dividend

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

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.