Trexquant Investment LP Raises Holdings in Tennant (NYSE:TNC)

Trexquant Investment LP increased its position in Tennant (NYSE:TNC) by 53.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 37,636 shares of the industrial products company’s stock after acquiring an additional 13,060 shares during the quarter. Trexquant Investment LP owned about 0.20% of Tennant worth $3,488,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Tennant by 0.7% in the third quarter. Vanguard Group Inc. now owns 2,226,496 shares of the industrial products company’s stock worth $165,095,000 after purchasing an additional 14,712 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Tennant by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock valued at $56,729,000 after acquiring an additional 14,008 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Tennant during the third quarter worth $22,613,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tennant by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 231,059 shares of the industrial products company’s stock worth $21,417,000 after acquiring an additional 4,102 shares during the period. Finally, Norges Bank purchased a new position in shares of Tennant in the fourth quarter valued at $12,193,000. 93.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 15th.

Tennant Price Performance

Shares of NYSE:TNC opened at $102.19 on Friday. The company has a 50 day moving average of $114.38 and a 200 day moving average of $101.11. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.94 billion, a P/E ratio of 16.98 and a beta of 1.10. Tennant has a 12 month low of $72.60 and a 12 month high of $124.11.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, February 22nd. The industrial products company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. The firm had revenue of $311.40 million during the quarter, compared to analyst estimates of $309.87 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 EPS. As a group, sell-side analysts forecast that Tennant will post 6.56 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 1.10%. Tennant’s payout ratio is currently 18.60%.

Insider Buying and Selling at Tennant

In related news, insider Richard H. Zay sold 14,743 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the transaction, the insider now directly owns 11,095 shares in the company, valued at $1,222,558.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Richard H. Zay sold 14,743 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the completion of the transaction, the insider now directly owns 11,095 shares in the company, valued at $1,222,558.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kristin A. Erickson sold 556 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $110.00, for a total value of $61,160.00. Following the completion of the transaction, the senior vice president now directly owns 10,698 shares in the company, valued at approximately $1,176,780. The disclosure for this sale can be found here. Insiders have sold a total of 17,597 shares of company stock valued at $1,953,293 in the last 90 days. Corporate insiders own 2.60% of the company’s stock.

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.