Kopion Asset Management LLC Sells 71,675 Shares of Tennant Company $TNC

Kopion Asset Management LLC trimmed its position in Tennant Company (NYSE:TNC) by 41.8% during the second quarter, Holdings Channel reports. The institutional investor owned 99,878 shares of the industrial products company’s stock after selling 71,675 shares during the quarter. Tennant makes up about 5.5% of Kopion Asset Management LLC’s investment portfolio, making the stock its 9th biggest holding. Kopion Asset Management LLC’s holdings in Tennant were worth $8,743,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in TNC. Gamco Investors INC. ET AL increased its stake in shares of Tennant by 40.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock valued at $46,905,000 after buying an additional 203,802 shares during the period. Vision One Management Partners LP lifted its stake in shares of Tennant by 63.1% during the third quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock valued at $23,212,000 after acquiring an additional 112,873 shares during the period. Millennium Management LLC lifted its stake in shares of Tennant by 33.8% during the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock valued at $26,418,000 after acquiring an additional 90,611 shares during the period. Bank of New York Mellon Corp boosted its holdings in Tennant by 27.3% in the first quarter. Bank of New York Mellon Corp now owns 333,187 shares of the industrial products company’s stock valued at $22,124,000 after acquiring an additional 71,437 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Tennant by 158.4% in the fourth quarter. Jane Street Group LLC now owns 94,461 shares of the industrial products company’s stock valued at $6,962,000 after acquiring an additional 57,907 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TNC has been the subject of a number of research reports. Wall Street Zen upgraded Tennant from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded shares of Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Finally, Zacks Research raised shares of Tennant from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.00.

Tennant Stock Performance

Shares of Tennant stock opened at $89.11 on Wednesday. The firm has a fifty day moving average of $86.83 and a two-hundred day moving average of $79.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.41 and a current ratio of 2.12. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 53.68, a PEG ratio of 2.39 and a beta of 1.13. Tennant Company has a 52 week low of $60.17 and a 52 week high of $91.93.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.18. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The business had revenue of $297.90 million for the quarter, compared to analyst estimates of $289.25 million. During the same period last year, the company earned $1.12 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that Tennant Company will post 5.12 EPS for the current year.

Tennant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.31 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.24 annualized dividend and a yield of 1.4%. Tennant’s dividend payout ratio is presently 74.70%.

Tennant declared that its Board of Directors has initiated a share buyback program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.