Verition Fund Management LLC Makes New Investment in Tennant (NYSE:TNC)

Verition Fund Management LLC purchased a new position in Tennant (NYSE:TNC - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,832 shares of the industrial products company's stock, valued at approximately $656,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC increased its holdings in Tennant by 290.9% during the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 288 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Tennant during the second quarter valued at approximately $58,000. Point72 DIFC Ltd bought a new position in shares of Tennant during the second quarter valued at approximately $71,000. nVerses Capital LLC purchased a new stake in Tennant in the third quarter worth $77,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Tennant by 37.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 972 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 263 shares in the last quarter. Institutional investors own 93.33% of the company's stock.

Analyst Ratings Changes

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

Tennant Stock Down 0.9 %

Shares of TNC stock traded down $0.74 during midday trading on Wednesday, reaching $84.94. 163,872 shares of the stock were exchanged, compared to its average volume of 122,688. Tennant has a 1 year low of $82.54 and a 1 year high of $124.11. The firm has a market cap of $1.60 billion, a PE ratio of 14.98 and a beta of 1.00. The company's 50 day moving average is $89.40 and its two-hundred day moving average is $94.97. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings results 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). The firm 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%. Tennant's revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 earnings per share. On average, equities research analysts predict that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.295 per share. This is a boost from Tennant's previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Friday, November 29th. Tennant's dividend payout ratio (DPR) is 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.