Millennium Management LLC Reduces Stock Holdings in Tennant Company $TNC

Key Points

• Millennium Management LLC has reduced its stake in Tennant Company by 30.1%, now holding approximately 323,461 shares valued at $25.8 million.
• Tennant's recent earnings report showed an EPS of $1.49, missing analysts' estimates, with a 3.7% revenue decline year-over-year.
• The company also announced a quarterly dividend of $0.295 per share, equating to an annual yield of 1.4%.

Millennium Management LLC lessened its stake in Tennant Company (NYSE:TNC - Free Report) by 30.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 323,461 shares of the industrial products company's stock after selling 139,377 shares during the quarter. Millennium Management LLC owned 1.73% of Tennant worth $25,796,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Tennant by 4.6% in 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 last quarter. Invenomic Capital Management LP grew its position in Tennant by 277.1% in the 1st quarter. Invenomic Capital Management LP now owns 279,800 shares of the industrial products company's stock valued at $22,314,000 after acquiring an additional 205,596 shares in the last quarter. Banque Transatlantique SA acquired a new position in Tennant during the 1st quarter worth $59,000. Alta Fox Capital Management LLC acquired a new position in Tennant during the 1st quarter worth approximately $73,000. Finally, AQR Capital Management LLC boosted its position in shares of Tennant by 68.8% during the 1st quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company's stock worth $3,966,000 after acquiring an additional 20,275 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Trading Up 1.1%

TNC traded up $0.86 during trading on Wednesday, reaching $82.48. 7,687 shares of the company's stock were exchanged, compared to its average volume of 147,174. The stock has a market capitalization of $1.52 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. Tennant Company has a one year low of $67.32 and a one year high of $98.52. The firm has a fifty day moving average price of $82.03 and a two-hundred day moving average price of $78.31. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.14). The business had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. Tennant had a net margin of 4.84% and a return on equity of 16.41%. Tennant's revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.83 EPS. As a group, equities research analysts forecast that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.295 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.18 annualized dividend and a yield of 1.4%. Tennant's dividend payout ratio (DPR) is 36.76%.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Tennant to a "hold" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $125.00.

Tennant 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.