Assenagon Asset Management S.A. Trims Holdings in Tennant (NYSE:TNC)

Assenagon Asset Management S.A. cut its position in shares of Tennant (NYSE:TNC) by 12.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,986 shares of the industrial products company’s stock after selling 28,564 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.09% of Tennant worth $16,713,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans grew its stake in Tennant by 0.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock worth $65,707,000 after acquiring an additional 3,164 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Tennant by 1.4% during the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock worth $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 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 valued at $24,310,000 after purchasing an additional 3,975 shares during the period. American Century Companies Inc. increased its stake in Tennant by 79.8% in the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares during the last quarter. Finally, Jacobson & Schmitt Advisors LLC lifted its position in Tennant by 4.2% during the third quarter. Jacobson & Schmitt Advisors LLC now owns 110,840 shares of the industrial products company’s stock worth $10,645,000 after buying an additional 4,472 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Price Performance

Shares of Tennant stock opened at $85.07 on Friday. The business’s fifty day moving average price is $84.50 and its 200 day moving average price is $91.76. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.61 billion, a P/E ratio of 15.00 and a beta of 1.01.

Tennant (NYSE:TNC) last released its quarterly earnings data 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 return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. During the same quarter last year, the business earned $1.34 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a $0.295 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.39%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is presently 20.81%.

Wall Street Analysts Forecast Growth

Several analysts have commented on TNC shares. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research started coverage on shares of Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company.

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.