Aigen Investment Management LP Takes Position in Tennant (NYSE:TNC)

Aigen Investment Management LP purchased a new position in Tennant (NYSE:TNC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,543 shares of the industrial products company’s stock, valued at approximately $244,000.

Several other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in Tennant by 577.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock valued at $12,623,000 after purchasing an additional 109,298 shares during the period. American Century Companies Inc. raised its position in shares of Tennant by 79.8% in the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock worth $14,879,000 after buying an additional 67,080 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Tennant by 174.1% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,700 shares of the industrial products company’s stock valued at $8,598,000 after buying an additional 44,907 shares during the period. Vanguard Group Inc. grew its position 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 in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Tennant by 1,900.0% in the 2nd quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after acquiring an additional 34,200 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tennant Price Performance

Shares of NYSE:TNC opened at $86.23 on Friday. The company’s fifty day moving average price is $91.58 and its 200-day moving average price is $97.50. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.21 and a beta of 1.00. Tennant has a one year low of $82.54 and a one year high of $124.11.

Tennant (NYSE:TNC) 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). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The firm had revenue of $315.80 million during the quarter, compared to the consensus estimate of $319.40 million. During the same period in the prior year, the company earned $1.34 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts anticipate 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. Shareholders of record on Friday, November 29th will be paid a $0.295 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.18 annualized dividend and a yield of 1.37%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is currently 20.81%.

About Tennant

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.