Millennium Management LLC Buys 272,858 Shares of Tennant (NYSE:TNC)

Millennium Management LLC grew its stake in Tennant (NYSE:TNC - Free Report) by 143.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 462,838 shares of the industrial products company's stock after acquiring an additional 272,858 shares during the quarter. Millennium Management LLC owned 2.45% of Tennant worth $37,735,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its stake in shares of Tennant by 7.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock worth $162,000 after purchasing an additional 142 shares during the last quarter. Albert D Mason Inc. raised its stake in shares of Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock worth $800,000 after purchasing an additional 145 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Tennant by 1.3% in the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after purchasing an additional 169 shares during the last quarter. Accredited Investors Inc. raised its stake in shares of Tennant by 1.4% in the fourth quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock worth $1,088,000 after purchasing an additional 186 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Tennant by 5.7% in the fourth quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock worth $299,000 after purchasing an additional 199 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

Insider Activity at Tennant

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

Tennant Stock Performance

Tennant stock traded down $0.49 during mid-day trading on Friday, reaching $72.72. 142,183 shares of the stock traded hands, compared to its average volume of 142,621. The stock has a market capitalization of $1.36 billion, a PE ratio of 16.60 and a beta of 1.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a 12-month low of $67.32 and a 12-month high of $110.45. The business's 50-day moving average is $74.78 and its 200-day moving average is $81.69.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.26). The firm had revenue of $290.00 million for the quarter, compared to analysts' expectations of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm's revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.49 EPS. As a group, sell-side analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant announced that its board has initiated a stock buyback plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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 dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Friday, May 30th. Tennant's dividend payout ratio (DPR) is presently 32.96%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th.

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.