Martingale Asset Management L P Sells 11,472 Shares of Tennant Company $TNC

Key Points

• Martingale Asset Management L P has reduced its stake in Tennant Company by 34.0%, now owning approximately 22,304 shares valued at $1,779,000.
• Recent changes in institutional holdings include Albert D Mason Inc. and Accredited Investors Inc., both increasing their stakes by 2.0% during the first quarter.
• Tennant Company reported earnings per share of $1.49 for the most recent quarter, missing the estimate of $1.63, with a decline in revenue compared to the same quarter last year.

Martingale Asset Management L P cut its stake in shares of Tennant Company (NYSE:TNC - Free Report) by 34.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,304 shares of the industrial products company's stock after selling 11,472 shares during the quarter. Martingale Asset Management L P owned approximately 0.12% of Tennant worth $1,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TNC. Millennium Management LLC boosted its position in shares of 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 buying an additional 272,858 shares during the period. Van Lanschot Kempen Investment Management N.V. purchased a new stake in shares of Tennant in the first quarter valued at $13,456,000. Nuveen LLC purchased a new stake in shares of Tennant in the first quarter valued at $10,328,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Tennant in the fourth quarter valued at $10,390,000. Finally, Vision One Management Partners LP purchased a new stake in shares of Tennant in the fourth quarter valued at $9,262,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Price Performance

Shares of NYSE:TNC traded down $1.28 during trading on Thursday, reaching $82.38. The stock had a trading volume of 20,406 shares, compared to its average volume of 151,635. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52. The business's 50-day moving average price is $81.15 and its 200 day moving average price is $78.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38. The stock has a market capitalization of $1.52 billion, a PE ratio of 25.71, a P/E/G ratio of 1.80 and a beta of 1.06.

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

Tennant Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of Tennant to a "hold" rating in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $125.00.

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.