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

Several other hedge funds have also recently added to or reduced their stakes in TNC. Millennium Management LLC raised its holdings in Tennant by 143.6% during the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company's stock worth $37,735,000 after purchasing an additional 272,858 shares during the last quarter. Deprince Race & Zollo Inc. bought a new stake in shares of Tennant in the 4th quarter valued at $10,390,000. Vision One Management Partners LP bought a new stake in shares of Tennant in the 4th quarter valued at $9,262,000. Voloridge Investment Management LLC increased its stake in shares of Tennant by 150.0% in the 4th quarter. Voloridge Investment Management LLC now owns 150,454 shares of the industrial products company's stock valued at $12,267,000 after acquiring an additional 90,273 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Tennant by 668.3% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 86,130 shares of the industrial products company's stock valued at $7,022,000 after acquiring an additional 74,920 shares in the last quarter. Institutional investors own 93.33% of the company's stock.

Tennant Stock Up 3.8%

NYSE TNC traded up $3.0340 during mid-day trading on Friday, hitting $83.7640. The company's stock had a trading volume of 97,653 shares, compared to its average volume of 110,384. The company's 50 day simple moving average is $80.64 and its 200 day simple moving average is $78.96. Tennant Company has a twelve month low of $67.32 and a twelve month high of $98.52. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.75 and a beta of 1.06.

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

Tennant Dividend Announcement

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

Analyst Ratings Changes

Separately, Zacks Research upgraded 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 issued a Hold rating to the company. According to data from MarketBeat.com, Tennant currently has a consensus rating of "Moderate Buy" and an average price target 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.