KLP Kapitalforvaltning AS Reduces Holdings in Tennant Company (NYSE:TNC)

KLP Kapitalforvaltning AS lowered its stake in shares of Tennant Company (NYSE:TNC - Free Report) by 61.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Tennant by 0.5% during the fourth 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in Tennant by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company's stock worth $48,688,000 after acquiring an additional 9,920 shares during the last quarter. Brown Advisory Inc. boosted its position in Tennant by 3.4% during the first quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company's stock worth $45,309,000 after acquiring an additional 18,537 shares during the last quarter. Millennium Management LLC boosted its position in Tennant by 143.6% during the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after acquiring an additional 272,858 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Tennant by 21.8% during the fourth quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock worth $18,569,000 after acquiring an additional 40,729 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Tennant Price Performance

TNC traded down $1.70 on Friday, reaching $80.84. 99,275 shares of the company's stock were exchanged, compared to its average volume of 105,054. The stock has a market cap of $1.51 billion, a PE ratio of 22.58 and a beta of 1.06. Tennant Company has a twelve month low of $67.32 and a twelve month high of $100.55. The stock's fifty day moving average price is $78.13 and its 200-day moving average price is $79.32. 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 (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). The business had revenue of $290.00 million for the quarter, compared to analyst estimates of $296.63 million. Tennant had a return on equity of 17.76% and a net margin of 5.40%. The business's revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.49 earnings per share. Sell-side analysts expect that Tennant Company will post 5.89 EPS for the current year.

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.