Vanguard Group Inc. Has $185.82 Million Holdings in Tennant Company $TNC

Key Points

• Vanguard Group Inc. has reduced its stake in Tennant Company by 2.7%, now holding approximately 2.33 million shares worth around $185.8 million.
• Tennant's most recent earnings report revealed a miss on EPS estimates, with actual earnings of $1.49 per share compared to the expected $1.63.
• The company announced a quarterly dividend of $0.295, representing an annual yield of 1.4%, with the payout set for September 15th.

Vanguard Group Inc. reduced its position in shares of Tennant Company (NYSE:TNC - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,330,033 shares of the industrial products company's stock after selling 64,238 shares during the period. Vanguard Group Inc. owned about 12.39% of Tennant worth $185,820,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sterling Capital Management LLC grew its holdings in shares of Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after purchasing an additional 301 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock worth $39,000 after purchasing an additional 399 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Tennant by 194.8% during the first quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock worth $50,000 after purchasing an additional 409 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Tennant by 120.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock worth $90,000 after purchasing an additional 600 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company's stock worth $121,000 after purchasing an additional 878 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Trading Down 0.7%

Shares of Tennant stock traded down $0.5550 during midday trading on Monday, reaching $83.1550. The company had a trading volume of 105,031 shares, compared to its average volume of 111,178. The stock has a fifty day moving average price of $80.81 and a 200 day moving average price of $78.85. 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 firm has a market cap of $1.54 billion, a PE ratio of 25.90, a P/E/G ratio of 1.82 and a beta of 1.06. Tennant Company has a fifty-two week low of $67.32 and a fifty-two week high of $98.52.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). The company had revenue of $318.60 million during 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%.Tennant's revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.83 earnings per share. On average, equities analysts anticipate that Tennant Company will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised 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 assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.