Tennant (NYSE:TNC) Shares Purchased by Two Sigma Investments LP

Two Sigma Investments LP raised its position in Tennant (NYSE:TNC - Free Report) by 206.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 82,794 shares of the industrial products company's stock after acquiring 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 reporting period.

Several other hedge funds also recently made changes to their positions in TNC. Amundi raised its holdings in Tennant by 190.4% during the fourth quarter. Amundi now owns 9,666 shares of the industrial products company's stock worth $773,000 after purchasing an additional 6,338 shares in the last quarter. Barclays PLC increased its position in Tennant by 222.8% during the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock worth $3,857,000 after purchasing an additional 27,712 shares during the period. Vanguard Group Inc. raised its stake in shares of Tennant by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock worth $195,205,000 after buying an additional 12,422 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Tennant in the 4th quarter valued at approximately $726,000. Finally, Principal Financial Group Inc. boosted 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 valued at $8,261,000 after buying an additional 3,518 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Price Performance

Shares of TNC traded up $0.99 during trading hours on Thursday, reaching $74.46. The company had a trading volume of 48,863 shares, compared to its average volume of 168,755. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 17.00 and a beta of 1.07. Tennant has a 12-month low of $67.32 and a 12-month high of $110.45. The firm has a 50 day simple moving average of $73.94 and a 200-day simple moving average of $81.22. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarterly revenue was down 6.8% on a year-over-year basis. During the same period last year, the business posted $1.49 earnings per share. Research analysts expect that Tennant will post 5.89 earnings per share for the current year.

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 issued a $0.295 dividend. 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 (DPR) is 32.96%.

Tennant declared that its Board of Directors has initiated a share repurchase program on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, SVP Barb Balinski sold 1,717 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the sale, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. The trade was a 12.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.60% of the company's stock.

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.