Oliver Luxxe Assets LLC Boosts Stake in Tennant (NYSE:TNC)

Oliver Luxxe Assets LLC raised its stake in shares of Tennant (NYSE:TNC - Free Report) by 85.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,056 shares of the industrial products company's stock after buying an additional 7,863 shares during the quarter. Oliver Luxxe Assets LLC owned about 0.09% of Tennant worth $1,638,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Assenagon Asset Management S.A. raised its holdings 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 purchasing an additional 109,298 shares in the last quarter. Jacobson & Schmitt Advisors LLC acquired a new position in Tennant during the 1st quarter worth $12,380,000. American Century Companies Inc. raised its position in shares of Tennant by 79.8% during 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 buying an additional 67,080 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Tennant by 174.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,700 shares of the industrial products company's stock worth $8,598,000 after purchasing an additional 44,907 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Tennant by 1.8% during 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. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Trading Down 0.7 %

TNC traded down $0.64 during trading on Tuesday, reaching $93.33. 62,565 shares of the company's stock were exchanged, compared to its average volume of 120,955. Tennant has a one year low of $72.81 and a one year high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $93.81 and a two-hundred day moving average price of $102.03. The stock has a market capitalization of $1.77 billion, a PE ratio of 15.82 and a beta of 1.00.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.11. The business had revenue of $331.00 million during the quarter, compared to the consensus estimate of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. Tennant's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.86 earnings per share. As a group, equities research analysts forecast that Tennant will post 6.48 earnings per share for the current fiscal year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 1.20%. Tennant's payout ratio is currently 18.60%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Tennant from a "buy" rating to a "strong-buy" rating in a report on Thursday, September 5th.

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.