Sei Investments Co. Acquires 38,996 Shares of Tennant Company $TNC

Sei Investments Co. boosted its holdings in Tennant Company (NYSE:TNC) by 67.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,879 shares of the industrial products company’s stock after purchasing an additional 38,996 shares during the period. Sei Investments Co. owned about 0.57% of Tennant worth $6,433,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Royal Bank of Canada grew its position in Tennant by 23.0% during the first quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company’s stock valued at $364,000 after buying an additional 854 shares during the period. AQR Capital Management LLC boosted its stake in Tennant by 68.8% in the first quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company’s stock valued at $3,966,000 after acquiring an additional 20,275 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Tennant by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock valued at $899,000 after acquiring an additional 491 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Tennant by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 56,214 shares of the industrial products company’s stock valued at $4,483,000 after acquiring an additional 8,421 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of Tennant by 39.1% during the 1st quarter. Jane Street Group LLC now owns 38,911 shares of the industrial products company’s stock worth $3,103,000 after purchasing an additional 10,946 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Tennant Stock Up 2.3%

TNC opened at $86.00 on Tuesday. The company has a 50 day moving average of $86.77 and a 200 day moving average of $79.44. The company has a market cap of $1.47 billion, a PE ratio of 51.81, a price-to-earnings-growth ratio of 2.34 and a beta of 1.13. Tennant Company has a 12 month low of $60.17 and a 12 month high of $91.93. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.67.

Tennant (NYSE:TNC) last issued its earnings results on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.18. The business had revenue of $297.90 million for the quarter, compared to analysts’ expectations of $289.25 million. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.12 EPS. On average, sell-side analysts expect that Tennant Company will post 5.12 EPS for the current year.

Tennant announced that its Board of Directors has authorized a stock buyback plan 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is 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.