Verition Fund Management LLC Invests $656,000 in Tennant (NYSE:TNC)

Verition Fund Management LLC acquired a new position in Tennant (NYSE:TNC) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 6,832 shares of the industrial products company’s stock, valued at approximately $656,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of TNC. Thrivent Financial for Lutherans increased its position in Tennant by 0.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock valued at $65,707,000 after purchasing an additional 3,164 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Tennant by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company’s stock worth $24,310,000 after buying an additional 3,975 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Tennant by 82.1% during the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after buying an additional 105,319 shares during the period. Bank of New York Mellon Corp boosted its position in Tennant by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after acquiring an additional 4,128 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after acquiring an additional 67,080 shares during the period. Institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Up 0.3 %

Shares of Tennant stock opened at $85.73 on Wednesday. Tennant has a 52-week low of $82.54 and a 52-week high of $124.11. The firm’s 50 day moving average price is $89.57 and its 200-day moving average price is $95.04. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.62 billion, a P/E ratio of 15.12 and a beta of 1.00.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.05). The business had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.34 EPS. On average, sell-side analysts predict that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.295 per share. This is a positive change from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.38%. Tennant’s payout ratio is presently 20.81%.

Tennant 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.