Bank of Montreal Can Trims Stake in Tennant (NYSE:TNC)

Bank of Montreal Can trimmed its position in Tennant (NYSE:TNC - Free Report) by 62.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,959 shares of the industrial products company's stock after selling 6,528 shares during the quarter. Bank of Montreal Can's holdings in Tennant were worth $390,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Virtu Financial LLC purchased a new position in Tennant during the fourth quarter worth about $237,000. Wellington Management Group LLP raised its stake in Tennant by 5.3% in the fourth quarter. Wellington Management Group LLP now owns 15,430 shares of the industrial products company's stock valued at $1,430,000 after purchasing an additional 783 shares in the last quarter. Vanguard Group Inc. raised its stake in Tennant by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,250,515 shares of the industrial products company's stock valued at $208,600,000 after purchasing an additional 24,019 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Tennant by 6.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 20,616 shares of the industrial products company's stock worth $1,911,000 after buying an additional 1,216 shares in the last quarter. Finally, Quadrature Capital Ltd grew its stake in Tennant by 94.2% in the 4th quarter. Quadrature Capital Ltd now owns 35,725 shares of the industrial products company's stock worth $3,311,000 after buying an additional 17,329 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Price Performance

TNC traded up $0.25 during midday trading on Friday, hitting $93.24. The stock had a trading volume of 87,254 shares, compared to its average volume of 121,591. Tennant has a 1 year low of $72.81 and a 1 year high of $124.11. 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 business has a fifty day moving average of $93.95 and a 200 day moving average of $102.66. The company has a market cap of $1.77 billion, a P/E ratio of 15.49 and a beta of 1.00.

Tennant (NYSE:TNC - Get Free Report) last released its earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $327.00 million. During the same quarter last year, the firm earned $1.86 EPS. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts forecast that Tennant will post 6.48 earnings per share for the current fiscal year.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Friday, August 30th. Tennant's dividend payout ratio is 18.60%.

Analysts Set New Price Targets

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

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.