Tennant Company $TNC Shares Acquired by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Tennant Company by 38.5% during Q1, owning 22,204 shares valued at approximately $1.77 million at the end of the quarter.
• Tennant Company's earnings per share for the quarter missed analysts' expectations, reporting $1.49 EPS compared to the anticipated $1.63 EPS, with a revenue decline of 3.7% year-over-year.
• The company recently declared a quarterly dividend of $0.295 per share, which reflects an annualized yield of 1.5% and a payout ratio of 36.76%.

Voya Investment Management LLC raised its stake in Tennant Company (NYSE:TNC - Free Report) by 38.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,204 shares of the industrial products company's stock after purchasing an additional 6,172 shares during the period. Voya Investment Management LLC owned 0.12% of Tennant worth $1,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Tennant by 429.0% in the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock worth $39,000 after acquiring an additional 399 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Tennant by 194.8% in the first quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock worth $50,000 after acquiring an additional 409 shares in the last quarter. Banque Transatlantique SA acquired a new stake in shares of Tennant during the first quarter worth about $59,000. Alta Fox Capital Management LLC acquired a new stake in shares of Tennant during the first quarter worth about $73,000. Finally, CWM LLC lifted its holdings in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock worth $121,000 after purchasing an additional 878 shares during the period. Institutional investors and hedge funds own 93.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TNC. Wall Street Zen raised Tennant from a "hold" rating to a "buy" rating in a report on Saturday. Zacks Research raised Tennant to a "hold" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Tennant has a consensus rating of "Moderate Buy" and a consensus price target of $125.00.

Tennant Stock Up 0.4%

TNC stock traded up $0.30 during mid-day trading on Monday, reaching $80.96. The company had a trading volume of 117,254 shares, compared to its average volume of 107,148. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 25.22, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09. The firm has a fifty day simple moving average of $81.88 and a 200 day simple moving average of $78.20. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $98.52.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The firm had revenue of $318.60 million for the quarter, compared to analysts' expectations of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The company's quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 EPS. Analysts forecast that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was 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.