Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Tennant (NYSE:TNC)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tennant (NYSE:TNC - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,795 shares of the industrial products company's stock, valued at approximately $1,037,000. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Tennant as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC boosted its position in shares of Tennant by 290.9% during 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 in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tennant during the 2nd quarter valued at $58,000. Point72 DIFC Ltd purchased a new stake in shares of Tennant in the 2nd quarter worth about $71,000. nVerses Capital LLC bought a new position in shares of Tennant in the 3rd quarter worth about $77,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Tennant in the 1st quarter worth about $86,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Tennant from a "strong-buy" rating to a "buy" rating in a report on Friday, November 1st.

Tennant Stock Down 0.4 %

Shares of Tennant stock traded down $0.37 during midday trading on Thursday, hitting $88.29. The company had a trading volume of 166,476 shares, compared to its average volume of 120,209. The company has a 50 day moving average of $90.92 and a 200 day moving average of $96.19. The stock has a market capitalization of $1.67 billion, a P/E ratio of 15.58 and a beta of 1.00. Tennant has a 52-week low of $82.54 and a 52-week high of $124.11. 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 (NYSE:TNC - Get Free Report) last released its earnings results 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). The company had revenue of $315.80 million during 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 company's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.34 earnings per share. On average, equities analysts predict that Tennant will post 6.43 earnings per share for the current fiscal year.

Tennant Increases Dividend

The company also recently announced 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 1.34%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Tennant's previous quarterly dividend of $0.28. Tennant's dividend payout ratio is currently 19.75%.

Tennant 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.