KLP Kapitalforvaltning AS Lowers Position in Tennant Company (NYSE:TNC)

Key Points

• KLP Kapitalforvaltning AS sold 5,500 shares of Tennant Company, reducing its stake by 61.8% to 3,400 shares, worth approximately $271,000.
• Several institutional investors have adjusted their positions in Tennant, with notable increases including Victory Capital Management Inc. by 28.2% and CWM LLC by 137.0% in the first quarter.
• Tennant reported earnings of $1.12 per share in its latest quarter, missing estimates, alongside a 6.8% decline in revenue year-over-year.

KLP Kapitalforvaltning AS lowered its position in Tennant Company (NYSE:TNC - Free Report) by 61.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,400 shares of the industrial products company's stock after selling 5,500 shares during the period. KLP Kapitalforvaltning AS's holdings in Tennant were worth $271,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Tennant by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock worth $195,205,000 after purchasing an additional 12,422 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Tennant by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock valued at $48,688,000 after purchasing an additional 9,920 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Tennant by 3.4% in the 1st quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock valued at $45,309,000 after purchasing an additional 18,537 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Tennant by 143.6% in the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock valued at $37,735,000 after purchasing an additional 272,858 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Tennant by 21.8% in the 4th quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock valued at $18,569,000 after purchasing an additional 40,729 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Stock Up 1.6%

Shares of TNC traded up $1.32 during midday trading on Monday, reaching $82.43. The stock had a trading volume of 10,049 shares, compared to its average volume of 156,558. Tennant Company has a 1-year low of $67.32 and a 1-year high of $98.89. The company's fifty day simple moving average is $78.29 and its two-hundred day simple moving average is $79.24. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 23.00 and a beta of 1.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.14 and a quick ratio of 1.40.

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.