Intech Investment Management LLC Sells 8,513 Shares of Tennant Company $TNC

Intech Investment Management LLC reduced its stake in Tennant Company (NYSE:TNC) by 20.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,016 shares of the industrial products company’s stock after selling 8,513 shares during the period. Intech Investment Management LLC owned approximately 0.18% of Tennant worth $2,633,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TNC. Millennium Management LLC boosted 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 worth $37,735,000 after acquiring an additional 272,858 shares during the period. Invenomic Capital Management LP boosted its holdings in shares of Tennant by 277.1% in the first quarter. Invenomic Capital Management LP now owns 279,800 shares of the industrial products company’s stock worth $22,314,000 after acquiring an additional 205,596 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new position in shares of Tennant in the first quarter worth $13,456,000. Nuveen LLC bought a new position in shares of Tennant in the first quarter worth $10,328,000. Finally, Ceredex Value Advisors LLC bought a new position in shares of Tennant in the first quarter worth $9,909,000. 93.33% of the stock is owned by institutional investors.

Tennant Trading Down 2.5%

Shares of TNC stock opened at $81.04 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09. Tennant Company has a 52-week low of $67.32 and a 52-week high of $98.52. The company has a market capitalization of $1.50 billion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. The business’s fifty day moving average is $82.03 and its 200 day moving average is $78.33.

Tennant (NYSE:TNC) last released its quarterly 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). Tennant had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $318.60 million for the quarter, compared to analysts’ expectations of $327.20 million. During the same quarter in the previous year, the business earned $1.83 EPS. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, equities research analysts anticipate that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The company 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 1.5%. Tennant’s dividend payout ratio (DPR) is presently 36.76%.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Tennant to a “hold” rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.