Peregrine Capital Management LLC Makes New Investment in Tennant Company $TNC

Peregrine Capital Management LLC bought a new stake in shares of Tennant Company (NYSE:TNC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 55,638 shares of the industrial products company’s stock, valued at approximately $4,311,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TNC. GAMMA Investing LLC boosted its holdings in Tennant by 429.0% during the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 399 shares during the period. Principal Financial Group Inc. grew its position in Tennant by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 104,690 shares of the industrial products company’s stock valued at $8,349,000 after acquiring an additional 3,370 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Tennant by 68.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 52,244 shares of the industrial products company’s stock valued at $4,195,000 after acquiring an additional 21,164 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Tennant by 25.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company’s stock valued at $307,000 after acquiring an additional 789 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Tennant in the 1st quarter valued at $763,000. 93.33% of the stock is owned by institutional investors.

Tennant Stock Down 0.5%

Shares of NYSE:TNC opened at $81.28 on Wednesday. Tennant Company has a 52-week low of $67.32 and a 52-week high of $94.86. The stock has a market cap of $1.50 billion, a P/E ratio of 25.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.06. The business’s 50 day moving average is $81.33 and its 200 day moving average is $78.44. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) 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 firm had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. During the same period last year, the company earned $1.83 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. Sell-side analysts predict that Tennant Company will post 5.89 EPS for the current year.

Tennant Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on TNC. Zacks Research raised Tennant to a “hold” rating in a research report on Tuesday, August 12th. Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tennant in a research report on Tuesday, October 14th. Finally, Roth Capital started coverage on Tennant in a research note on Friday, October 24th. They issued a “buy” rating and a $102.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tennant presently has a consensus rating of “Moderate Buy” and an average price target of $113.50.

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.