Tennant Company $TNC Shares Sold by Comerica Bank

Comerica Bank cut its position in Tennant Company (NYSE:TNC) by 3.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,349 shares of the industrial products company’s stock after selling 243 shares during the period. Comerica Bank’s holdings in Tennant were worth $506,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Brown Advisory Inc. increased its holdings in shares of Tennant by 3.4% in the first quarter. Brown Advisory Inc. now owns 568,138 shares of the industrial products company’s stock valued at $45,309,000 after purchasing an additional 18,537 shares during the period. Millennium Management LLC increased its holdings in shares of Tennant by 143.6% in the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company’s stock valued at $37,735,000 after purchasing an additional 272,858 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Tennant by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 279,234 shares of the industrial products company’s stock worth $22,269,000 after buying an additional 20,225 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Tennant by 21.8% in the fourth quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company’s stock worth $18,569,000 after buying an additional 40,729 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Tennant by 44.3% in the first quarter. American Century Companies Inc. now owns 222,821 shares of the industrial products company’s stock worth $17,770,000 after buying an additional 68,453 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded 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 given a Hold rating to the company’s stock. According to data from MarketBeat, Tennant has a consensus rating of “Moderate Buy” and a consensus price target of $125.00.

Tennant Stock Up 0.4%

Shares of TNC opened at $82.88 on Monday. Tennant Company has a 52 week low of $67.32 and a 52 week high of $98.52. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 1.80 and a beta of 1.09. The stock’s 50-day moving average price is $81.93 and its 200-day moving average price is $78.50.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.14). The business 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.83 EPS. On average, sell-side analysts predict that Tennant Company will post 5.89 EPS 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 given a dividend of $0.295 per share. The ex-dividend date is Friday, August 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.4%. Tennant’s dividend payout ratio is currently 36.76%.

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.