Millennium Management LLC Decreases Position 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 cut its stake in Tennant Company (NYSE:TNC - Free Report) by 30.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 323,461 shares of the industrial products company's stock after selling 139,377 shares during the quarter. Millennium Management LLC owned approximately 1.73% of Tennant worth $25,796,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Tennant by 429.0% in the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 399 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Tennant by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 104,690 shares of the industrial products company's stock valued at $8,349,000 after acquiring an additional 3,370 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Tennant by 68.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 52,244 shares of the industrial products company's stock valued at $4,195,000 after acquiring an additional 21,164 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Tennant by 25.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company's stock valued at $307,000 after acquiring an additional 789 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Tennant in the 1st quarter valued at about $763,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Up 2.4%

Shares of NYSE TNC opened at $82.96 on Friday. The company has a 50 day simple moving average of $82.05 and a 200-day simple moving average of $78.47. The company has a market capitalization of $1.53 billion, a P/E ratio of 25.85, a P/E/G ratio of 1.76 and a beta of 1.09. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38. Tennant Company has a 1 year low of $67.32 and a 1 year high of $98.52.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The firm had revenue of $318.60 million for the quarter, compared to analyst estimates of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The firm's quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.83 EPS. On average, equities research analysts predict that Tennant Company will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.295 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.4%. Tennant's dividend payout ratio (DPR) is presently 36.76%.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Tennant to a "hold" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently 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.

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