Millennium Management LLC grew its holdings in shares of Tennant (NYSE:TNC) by 8.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,746 shares of the industrial products company’s stock after purchasing an additional 818 shares during the quarter. Millennium Management LLC’s holdings in Tennant were worth $849,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of TNC. Xact Kapitalforvaltning AB acquired a new stake in shares of Tennant during the 1st quarter worth $248,000. Principal Financial Group Inc. increased its holdings in Tennant by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 137,053 shares of the industrial products company’s stock valued at $9,278,000 after purchasing an additional 3,467 shares in the last quarter. Amalgamated Bank acquired a new stake in Tennant in the 2nd quarter valued at $230,000. BTIM Corp. acquired a new stake in Tennant in the 2nd quarter valued at $12,783,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Tennant in the 2nd quarter valued at $301,000. 86.16% of the stock is currently owned by institutional investors.
Shares of Tennant stock opened at $63.89 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.84 and a quick ratio of 1.25. The stock has a market cap of $1.13 billion, a PE ratio of 41.49, a price-to-earnings-growth ratio of 2.96 and a beta of 0.99. Tennant has a 1-year low of $58.58 and a 1-year high of $86.03.
Tennant (NYSE:TNC) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.15. The company had revenue of $273.30 million during the quarter, compared to the consensus estimate of $267.20 million. Tennant had a return on equity of 11.94% and a net margin of 2.01%. The company’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. On average, analysts predict that Tennant will post 2.11 EPS for the current fiscal year.
In other news, CFO Thomas Paulson sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $78.30, for a total transaction of $1,174,500.00. Following the completion of the sale, the chief financial officer now directly owns 40,007 shares in the company, valued at $3,132,548.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP David W. Huml sold 13,416 shares of the firm’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $75.15, for a total value of $1,008,212.40. Following the sale, the senior vice president now owns 14,975 shares of the company’s stock, valued at $1,125,371.25. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.
TNC has been the subject of several recent research reports. TheStreet upgraded Tennant from a “c+” rating to a “b” rating in a report on Thursday, July 26th. ValuEngine downgraded Tennant from a “buy” rating to a “hold” rating in a report on Friday, October 12th. Finally, Zacks Investment Research upgraded Tennant from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Wednesday, October 24th.
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Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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