Martingale Asset Management L P Grows Stock Holdings in Tennant (NYSE:TNC)

Martingale Asset Management L P raised its position in shares of Tennant (NYSE:TNC) by 4.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 33,193 shares of the industrial products company’s stock after buying an additional 1,392 shares during the period. Martingale Asset Management L P’s holdings in Tennant were worth $3,188,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC boosted its holdings in Tennant by 290.9% in the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 288 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Tennant in the second quarter valued at $58,000. Point72 DIFC Ltd purchased a new position in Tennant in the second quarter valued at $71,000. nVerses Capital LLC purchased a new position in Tennant in the third quarter valued at $77,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Tennant in the first quarter valued at $86,000. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Tennant Trading Up 0.5 %

NYSE:TNC opened at $88.48 on Friday. The firm has a market cap of $1.67 billion, a PE ratio of 15.60 and a beta of 1.00. 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 fifty day moving average price of $90.73 and a 200 day moving average price of $96.01. Tennant has a 12-month low of $82.54 and a 12-month high of $124.11.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 21.50% and a net margin of 8.52%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.34 earnings per share. Sell-side analysts anticipate that Tennant will post 6.43 earnings per share for the current fiscal year.

Tennant Increases 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 issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 1.33%. This is an increase from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, November 29th. Tennant’s payout ratio is 19.75%.

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.