Royce & Associates LP Has $7.73 Million Stock Position in Tennant (NYSE:TNC)

Royce & Associates LP cut its stake in Tennant (NYSE:TNC) by 10.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,500 shares of the industrial products company’s stock after selling 9,370 shares during the period. Royce & Associates LP’s holdings in Tennant were worth $7,731,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. raised its stake 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 in the last quarter. American Century Companies Inc. increased its position in shares of Tennant by 79.8% during the 2nd 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Tennant by 174.1% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,700 shares of the industrial products company’s stock valued at $8,598,000 after purchasing an additional 44,907 shares during the last quarter. Vanguard Group Inc. boosted 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 valued at $278,636,000 after buying an additional 40,711 shares in the last quarter. Finally, Renaissance Technologies LLC grew 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 buying an additional 34,200 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

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

Tennant Stock Down 1.1 %

Shares of NYSE:TNC opened at $86.23 on Monday. 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 firm has a market cap of $1.63 billion, a P/E ratio of 15.21 and a beta of 1.00. Tennant has a 12 month low of $82.54 and a 12 month high of $124.11. The company’s 50-day moving average price is $91.58 and its two-hundred day moving average price is $97.37.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The company had revenue of $315.80 million for the quarter, compared to the consensus estimate of $319.40 million. During the same period last year, the company earned $1.34 earnings per share. Tennant’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts forecast that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The company 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 dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend 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%.

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.