Wedge Capital Management L L P NC Invests $2.35 Million in Tennant Company $TNC

Key Points

• Wedge Capital Management L L P NC purchased 30,270 shares of Tennant Company during the second quarter, valued at approximately $2.35 million, equating to a 0.16% ownership stake.
• Tennant Company's recent quarterly earnings report showed a $1.49 EPS, missing estimates by $0.14, with a revenue of $318.60 million, which was below analysts' expectations of $327.20 million.
• The company's stock has a current average rating of "Moderate Buy" with an average target price of $125.00, despite a recent dip of 2.4% in share price.

Wedge Capital Management L L P NC bought a new stake in Tennant Company (NYSE:TNC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,270 shares of the industrial products company's stock, valued at approximately $2,345,000. Wedge Capital Management L L P NC owned approximately 0.16% of Tennant at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TNC. GAMMA Investing LLC increased its stake in Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 399 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of 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 purchased a new stake in Tennant in the 1st quarter worth about $59,000. Alta Fox Capital Management LLC acquired a new position in Tennant in the 1st quarter worth about $73,000. Finally, CWM LLC boosted its holdings in Tennant by 137.0% in 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 in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TNC. Zacks Research upgraded Tennant to a "hold" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded shares of Tennant from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $125.00.

Tennant Stock Performance

Shares of TNC stock traded up $0.30 during trading hours on Monday, reaching $80.96. The company had a trading volume of 117,254 shares, compared to its average volume of 107,148. The business has a fifty day moving average price of $81.88 and a 200-day moving average price of $78.20. Tennant Company has a one year low of $67.32 and a one year high of $98.52. 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 firm has a market cap of $1.50 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.14). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The company had revenue of $318.60 million for the quarter, compared to the consensus estimate of $327.20 million. During the same period in the previous year, the firm earned $1.83 earnings per share. The company's revenue was down 3.7% compared to the same quarter last year. Sell-side analysts predict that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.5%. Tennant's dividend payout ratio is presently 36.76%.

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.