Cornercap Investment Counsel Inc. Trims Holdings in Tennant (NYSE:TNC)

Cornercap Investment Counsel Inc. reduced its stake in shares of Tennant (NYSE:TNC) by 52.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,098 shares of the industrial products company’s stock after selling 5,616 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Tennant were worth $490,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Tennant by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after buying an additional 40,711 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of 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 purchasing an additional 105,319 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Tennant by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock worth $19,037,000 after purchasing an additional 4,128 shares during the period. American Century Companies Inc. lifted its holdings 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 acquiring an additional 67,080 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in Tennant by 20.3% in the second quarter. Acadian Asset Management LLC now owns 125,782 shares of the industrial products company’s stock valued at $12,377,000 after acquiring an additional 21,210 shares during the period. 93.33% of the stock is currently owned by institutional investors.

Tennant Stock Down 1.1 %

Shares of TNC opened at $86.23 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. Tennant has a one year low of $82.54 and a one year high of $124.11. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.21 and a beta of 1.00. The stock has a 50 day moving average price of $91.58 and a 200 day moving average price of $97.50.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The company had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $1.34 EPS. Equities research analysts forecast 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. Stockholders of record on Friday, November 29th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, November 29th. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is 19.75%.

Analyst Ratings Changes

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

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.