Assenagon Asset Management S.A. Grows Stake in Tennant (NYSE:TNC)

Assenagon Asset Management S.A. grew its position in shares of Tennant (NYSE:TNC - Free Report) by 82.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 233,550 shares of the industrial products company's stock after buying an additional 105,319 shares during the quarter. Assenagon Asset Management S.A. owned 1.23% of Tennant worth $22,430,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. CWM LLC raised its stake in shares of Tennant by 290.9% in the second quarter. CWM LLC now owns 387 shares of the industrial products company's stock valued at $38,000 after buying an additional 288 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in Tennant in the 2nd quarter valued at about $58,000. DekaBank Deutsche Girozentrale bought a new stake in Tennant in the 1st quarter valued at about $86,000. Point72 DIFC Ltd purchased a new stake in Tennant during the second quarter valued at about $71,000. Finally, nVerses Capital LLC bought a new position in Tennant during the third quarter worth about $77,000. Institutional investors own 93.33% of the company's stock.

Analysts Set New Price Targets

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

Tennant Price Performance

Tennant stock traded up $0.41 during mid-day trading on Friday, hitting $90.55. 49,116 shares of the company traded hands, compared to its average volume of 118,416. The stock has a fifty day moving average price of $93.53 and a 200-day moving average price of $100.30. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 15.64 and a beta of 1.00. Tennant has a one year low of $72.90 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17.

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

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.24%. Tennant's payout ratio is currently 19.34%.

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.