DekaBank Deutsche Girozentrale Lowers Holdings in Tennant (NYSE:TNC)

DekaBank Deutsche Girozentrale decreased its holdings in shares of Tennant (NYSE:TNC) by 32.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 660 shares of the industrial products company’s stock after selling 312 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Tennant were worth $63,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in shares of Tennant by 82.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after purchasing an additional 105,319 shares during the last quarter. Riverwater Partners LLC purchased a new position in Tennant during the third quarter worth about $1,792,000. Prentiss Smith & Co. Inc. increased its position in shares of Tennant by 5.3% during the third quarter. Prentiss Smith & Co. Inc. now owns 39,615 shares of the industrial products company’s stock valued at $3,805,000 after acquiring an additional 1,983 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Tennant in the 3rd quarter valued at approximately $77,000. Finally, Oliver Luxxe Assets LLC raised its stake in shares of Tennant by 85.5% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 17,056 shares of the industrial products company’s stock valued at $1,638,000 after acquiring an additional 7,863 shares during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Price Performance

TNC stock opened at $83.19 on Monday. The business’s fifty day moving average price is $92.94 and its 200 day moving average price is $99.17. Tennant has a 12-month low of $79.52 and a 12-month high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.57 billion, a PE ratio of 14.67 and a beta of 1.00.

Tennant (NYSE:TNC) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Tennant had a net margin of 8.52% and a return on equity of 21.87%. The company had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. During the same period in the prior year, the firm earned $1.34 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.295 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.18 annualized dividend and a yield of 1.42%. Tennant’s dividend payout ratio is presently 20.81%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday.

About Tennant

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.