Tennant (NYSE:TNC) Shares Acquired by Millennium Management LLC

Millennium Management LLC boosted its position in shares of Tennant (NYSE:TNC) by 143.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 462,838 shares of the industrial products company’s stock after purchasing an additional 272,858 shares during the period. Millennium Management LLC’s holdings in Tennant were worth $37,735,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TNC. Summit Investment Advisors Inc. boosted its stake in Tennant by 7.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after acquiring an additional 142 shares during the last quarter. Albert D Mason Inc. lifted its position in shares of Tennant by 1.5% in the 4th quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock worth $800,000 after buying an additional 145 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock worth $1,213,000 after buying an additional 169 shares during the last quarter. Accredited Investors Inc. lifted its position in shares of Tennant by 1.4% in the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company’s stock worth $1,088,000 after buying an additional 186 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company’s stock worth $299,000 after buying an additional 199 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th.

Insider Activity at Tennant

In related news, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the sale, the insider now directly owns 25,770 shares in the company, valued at $2,256,936.60. This trade represents a 21.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. This represents a 12.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Tennant Trading Up 1.8%

Tennant stock opened at $77.01 on Friday. The firm’s 50-day moving average is $75.43 and its 200-day moving average is $81.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. Tennant has a 1 year low of $67.32 and a 1 year high of $110.45. The company has a market cap of $1.44 billion, a P/E ratio of 17.58 and a beta of 1.07.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.26). Tennant had a return on equity of 19.98% and a net margin of 6.51%. The business had revenue of $290.00 million during the quarter, compared to the consensus estimate of $296.63 million. During the same quarter in the previous year, the business posted $1.49 earnings per share. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, equities analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 annualized dividend and a yield of 1.53%. Tennant’s dividend payout ratio is presently 32.96%.

Tennant announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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.