Vanguard Group Inc. Cuts Stock Holdings in Tennant Company $TNC

Vanguard Group Inc. trimmed its holdings in shares of Tennant Company (NYSE:TNC) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock valued at $28,000 after buying an additional 301 shares during the period. GAMMA Investing LLC boosted its position in Tennant by 429.0% during the first quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company’s stock valued at $39,000 after buying an additional 399 shares during the period. Farther Finance Advisors LLC boosted its position in Tennant by 194.8% during the first quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company’s stock valued at $50,000 after buying an additional 409 shares during the period. Canada Pension Plan Investment Board boosted its position in 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 valued at $90,000 after buying an additional 600 shares during the period. Finally, CWM LLC boosted its position in Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company’s stock valued at $121,000 after buying an additional 878 shares during the period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Stock Performance

Tennant stock opened at $83.4010 on Wednesday. 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 50-day moving average of $80.23 and a 200-day moving average of $78.98. The firm has a market cap of $1.54 billion, a P/E ratio of 25.98, a P/E/G ratio of 1.79 and a beta of 1.06. Tennant Company has a 1-year low of $67.32 and a 1-year high of $98.52.

Tennant (NYSE:TNC) last posted its 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). The firm had revenue of $318.60 million for the quarter, compared to analysts’ expectations of $327.20 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.83 earnings per share. Sell-side analysts expect that Tennant Company will post 5.89 EPS for the current year.

Tennant Announces Dividend

The business 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 $0.295 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.18 annualized dividend and a yield of 1.4%. Tennant’s dividend payout ratio (DPR) is 36.76%.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of Tennant to a “hold” rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.00.

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.