R Squared Ltd Makes New $92,000 Investment in Tennant (NYSE:TNC)

R Squared Ltd acquired a new stake in shares of Tennant (NYSE:TNC) during the fourth quarter, Holdings Channel.com reports. The firm acquired 1,130 shares of the industrial products company’s stock, valued at approximately $92,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Tennant by 84.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 241 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of Tennant in the second quarter worth approximately $71,000. nVerses Capital LLC purchased a new stake in shares of Tennant in the third quarter worth approximately $77,000. KBC Group NV lifted its stake in shares of Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 394 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after acquiring an additional 255 shares during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Stock Performance

TNC stock opened at $87.10 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The business has a 50-day moving average price of $84.30 and a 200 day moving average price of $90.99. The company has a market capitalization of $1.64 billion, a P/E ratio of 15.36 and a beta of 1.01.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.05). The business had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. Tennant’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.34 EPS. As a group, equities research analysts forecast that Tennant will post 6.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TNC shares. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Northcoast Research initiated coverage on shares of Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company.

Tennant Company Profile

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.