Millennium Management LLC Cuts Position in Tennant (NYSE:TNC)

Millennium Management LLC reduced its position in shares of Tennant (NYSE:TNC - Free Report) by 11.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,717 shares of the industrial products company's stock after selling 12,459 shares during the period. Millennium Management LLC owned 0.50% of Tennant worth $9,324,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TNC. Inspire Investing LLC raised its stake in Tennant by 141.5% in the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company's stock valued at $1,250,000 after purchasing an additional 6,021 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of Tennant in the fourth quarter worth about $821,000. Vanguard Group Inc. lifted its stake in shares of Tennant by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company's stock worth $278,636,000 after buying an additional 40,711 shares in the last quarter. Victory Capital Management Inc. boosted its position in Tennant by 98.0% during the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company's stock worth $2,194,000 after acquiring an additional 11,034 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in Tennant by 129.3% during the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company's stock valued at $1,309,000 after acquiring an additional 7,500 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Trading Down 1.3 %

Shares of NYSE TNC traded down $1.19 during trading on Wednesday, hitting $92.10. 78,602 shares of the company were exchanged, compared to its average volume of 121,942. The company has a fifty day moving average price of $94.16 and a 200-day moving average price of $102.73. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The firm has a market capitalization of $1.74 billion, a PE ratio of 15.30 and a beta of 1.00. Tennant has a 12-month low of $72.81 and a 12-month high of $124.11.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, topping analysts' consensus estimates of $1.72 by $0.11. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The company had revenue of $331.00 million for the quarter, compared to the consensus estimate of $327.00 million. During the same period in the previous year, the firm earned $1.86 earnings per share. Tennant's quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.22%. Tennant's dividend payout ratio (DPR) is 18.60%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Tennant from a "buy" rating to a "strong-buy" rating in a report on Thursday, September 5th.

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.