Van Lanschot Kempen Investment Management N.V. Buys New Position in Tennant Company $TNC

Key Points

• Van Lanschot Kempen Investment Management N.V. acquired 168,723 shares of Tennant Company ($TNC) for approximately $13.46 million, representing 0.90% of the company's total shares.
• Tennant reported a quarterly EPS of $1.49, falling short of analysts' estimates of $1.63, with a revenue decline of 3.7% from the previous year.
• The company announced a quarterly dividend of $0.295 per share, with a yield of 1.4%, scheduled for payment on September 15th.

Van Lanschot Kempen Investment Management N.V. acquired a new stake in Tennant Company (NYSE:TNC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 168,723 shares of the industrial products company's stock, valued at approximately $13,456,000. Van Lanschot Kempen Investment Management N.V. owned about 0.90% of Tennant as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Tennant by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock valued at $48,688,000 after purchasing an additional 9,920 shares during the last quarter. Brown Advisory Inc. raised its stake in Tennant by 3.4% in the 1st quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock valued at $45,309,000 after purchasing an additional 18,537 shares during the last quarter. Millennium Management LLC raised its stake in Tennant by 143.6% in 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tennant by 7.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 279,234 shares of the industrial products company's stock valued at $22,269,000 after buying an additional 20,225 shares in the last quarter. Finally, Northern Trust Corp grew 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 in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Tennant to a "hold" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Tennant presently has a consensus rating of "Moderate Buy" and a consensus price target of $125.00.

Tennant Trading Down 0.4%

NYSE:TNC traded down $0.35 during trading hours on Monday, hitting $83.36. The company had a trading volume of 10,151 shares, compared to its average volume of 152,466. The company has a market cap of $1.54 billion, a P/E ratio of 25.97, a P/E/G ratio of 1.82 and a beta of 1.06. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. Tennant Company has a 1 year low of $67.32 and a 1 year high of $98.52. The company has a 50-day moving average of $80.64 and a 200 day moving average of $78.87.

Tennant (NYSE:TNC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The business had revenue of $318.60 million for the quarter, compared to analysts' expectations of $327.20 million. During the same quarter in the prior year, the company posted $1.83 earnings per share. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. Sell-side analysts expect that Tennant Company 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, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. Tennant's dividend payout ratio (DPR) is 36.76%.

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.