Voloridge Investment Management LLC Boosts Stock Holdings in Tennant (NYSE:TNC)

Voloridge Investment Management LLC grew its stake in shares of Tennant (NYSE:TNC - Free Report) by 150.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 150,454 shares of the industrial products company's stock after acquiring an additional 90,273 shares during the period. Voloridge Investment Management LLC owned about 0.80% of Tennant worth $12,267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Sterling Capital Management LLC increased its position in Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after buying an additional 301 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Tennant during the 4th quarter worth $59,000. KBC Group NV lifted its stake in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 394 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Tennant by 120.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock valued at $90,000 after buying an additional 600 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of Tennant during the 4th quarter worth about $92,000. Institutional investors and hedge funds own 93.33% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now directly owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. The trade was a 12.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.60% of the company's stock.

Tennant Stock Down 0.2%

Shares of NYSE TNC traded down $0.17 during trading on Thursday, hitting $73.31. 10,230 shares of the company traded hands, compared to its average volume of 141,965. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. Tennant has a fifty-two week low of $67.32 and a fifty-two week high of $110.45. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 16.72 and a beta of 1.07. The business's fifty day moving average is $73.94 and its 200 day moving average is $81.22.

Tennant (NYSE:TNC - Get Free Report) last posted 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). Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $290.00 million during the quarter, compared to analysts' expectations of $296.63 million. During the same quarter last year, the business posted $1.49 EPS. The company's quarterly revenue was down 6.8% on a year-over-year basis. Equities research analysts predict that Tennant will post 5.89 earnings per share for the current fiscal 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 $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, May 30th. Tennant's payout ratio is 32.96%.

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

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.