Assenagon Asset Management S.A. Sells 88,860 Shares of Tennant (NYSE:TNC)

Assenagon Asset Management S.A. reduced its stake in shares of Tennant (NYSE:TNC - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,126 shares of the industrial products company's stock after selling 88,860 shares during the quarter. Assenagon Asset Management S.A. owned 0.62% of Tennant worth $9,261,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Summit Investment Advisors Inc. boosted its stake in Tennant by 7.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company's stock valued at $162,000 after buying an additional 142 shares in the last quarter. Accredited Investors Inc. boosted its stake in Tennant by 1.4% in the fourth quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company's stock valued at $1,088,000 after buying an additional 186 shares in the last quarter. Bank of Montreal Can boosted its stake in Tennant by 5.7% in the fourth quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company's stock valued at $299,000 after buying an additional 199 shares in the last quarter. US Bancorp DE boosted its stake in Tennant by 0.8% in the fourth quarter. US Bancorp DE now owns 29,028 shares of the industrial products company's stock valued at $2,367,000 after buying an additional 224 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Tennant by 668.9% in the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after buying an additional 301 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Price Performance

NYSE:TNC traded down $1.88 during trading hours on Friday, hitting $74.24. The company's stock had a trading volume of 135,379 shares, compared to its average volume of 142,405. The stock has a fifty day simple moving average of $73.06 and a 200-day simple moving average of $80.12. The company has a market capitalization of $1.38 billion, a P/E ratio of 16.95 and a beta of 1.05. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.97 and a quick ratio of 1.43. Tennant has a twelve month low of $67.32 and a twelve month high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.26). The firm had revenue of $290.00 million during the quarter, compared to the consensus estimate of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. Tennant's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.49 earnings per share. On average, analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a $0.295 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.18 annualized dividend and a yield of 1.59%. Tennant's dividend payout ratio is presently 32.96%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th.

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.