10,795 Shares in Tennant (NYSE:TNC) Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tennant (NYSE:TNC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,795 shares of the industrial products company’s stock, valued at approximately $1,037,000.

A number of other hedge funds have also recently bought and sold shares of TNC. Assenagon Asset Management S.A. boosted its position in Tennant by 577.3% during the second quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after acquiring an additional 109,298 shares during the last quarter. American Century Companies Inc. raised its stake in Tennant by 79.8% during the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock worth $14,879,000 after purchasing an additional 67,080 shares during the period. Renaissance Technologies LLC raised its stake in Tennant by 1,900.0% during the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after purchasing an additional 34,200 shares during the period. Acadian Asset Management LLC raised its stake in Tennant by 20.3% during the second quarter. Acadian Asset Management LLC now owns 125,782 shares of the industrial products company’s stock worth $12,377,000 after purchasing an additional 21,210 shares during the period. Finally, Riverwater Partners LLC purchased a new position in Tennant during the third quarter worth approximately $1,792,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Stock Performance

NYSE:TNC opened at $88.34 on Thursday. 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 $1.67 billion, a P/E ratio of 15.58 and a beta of 1.00. Tennant has a fifty-two week low of $82.54 and a fifty-two week high of $124.11. The firm’s 50 day moving average is $90.92 and its two-hundred day moving average is $96.19.

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

Tennant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Friday, November 29th. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is currently 19.75%.

Analyst Ratings Changes

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

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.