Eagle Asset Management Inc. Invests $3.87 Million in Tennant (NYSE:TNC)

Eagle Asset Management Inc. bought a new position in shares of Tennant (NYSE:TNC) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 42,778 shares of the industrial products company’s stock, valued at approximately $3,873,000.

Several other hedge funds have also added to or reduced their stakes in TNC. Vanguard Group Inc. raised its stake in shares of Tennant by 1.8% during 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 acquiring an additional 40,711 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Tennant by 0.5% in the third quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock valued at $65,707,000 after purchasing an additional 3,164 shares during the period. Charles Schwab Investment Management Inc. raised its position in Tennant by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company’s stock worth $24,310,000 after purchasing an additional 3,975 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in 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 buying an additional 105,319 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Tennant by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after buying an additional 4,128 shares during the period. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Tennant Price Performance

Shares of NYSE TNC opened at $89.69 on Monday. The company has a market capitalization of $1.69 billion, a PE ratio of 15.82 and a beta of 1.00. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. Tennant has a twelve month low of $82.54 and a twelve month high of $124.11. The firm has a fifty day simple moving average of $91.17 and a 200 day simple moving average of $96.56.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a return on equity of 21.50% and a net margin of 8.52%. The business had revenue of $315.80 million during the quarter, compared to the consensus estimate of $319.40 million. During the same period last year, the business posted $1.34 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts forecast that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.295 per share. The ex-dividend date is Friday, November 29th. This is a positive change from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a yield of 1.32%. Tennant’s dividend payout ratio is currently 20.81%.

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.