GAMMA Investing LLC Has $3.13 Million Holdings in Tennant (NYSE:TNC)

GAMMA Investing LLC increased its holdings in shares of Tennant (NYSE:TNC) by 42,090.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,237 shares of the industrial products company’s stock after acquiring an additional 39,144 shares during the quarter. GAMMA Investing LLC’s holdings in Tennant were worth $3,129,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Tennant by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after purchasing an additional 12,422 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Tennant by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company’s stock valued at $48,688,000 after buying an additional 9,920 shares in the last quarter. Millennium Management LLC raised its position in shares of Tennant by 143.6% in the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company’s stock valued at $37,735,000 after buying an additional 272,858 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tennant by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock valued at $21,117,000 after buying an additional 5,890 shares during the period. Finally, Northern Trust Corp grew its position in Tennant by 21.8% during the fourth quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company’s stock worth $18,569,000 after buying an additional 40,729 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Trading Down 2.1%

TNC opened at $75.45 on Thursday. Tennant has a twelve month low of $67.32 and a twelve month high of $110.45. The company has a 50-day simple moving average of $72.87 and a 200 day simple moving average of $80.32. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 17.22 and a beta of 1.05.

Tennant (NYSE:TNC) last issued its earnings results 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 analyst estimates of $296.63 million. During the same quarter in the previous year, the firm posted $1.49 earnings per share. Tennant’s quarterly revenue was down 6.8% compared to the same quarter last year. Analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 13th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Friday, May 30th. Tennant’s payout ratio is presently 32.96%.

Analyst Upgrades and Downgrades

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

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.