Balyasny Asset Management L.P. Has $2.15 Million Stock Holdings in Tennant (NYSE:TNC)

Balyasny Asset Management L.P. raised its stake in shares of Tennant (NYSE:TNC - Free Report) by 171.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,323 shares of the industrial products company's stock after buying an additional 16,627 shares during the quarter. Balyasny Asset Management L.P. owned about 0.14% of Tennant worth $2,146,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in Tennant by 43.3% in the fourth quarter. BNP Paribas Financial Markets now owns 15,294 shares of the industrial products company's stock valued at $1,247,000 after purchasing an additional 4,621 shares in the last quarter. Algert Global LLC raised its stake in Tennant by 2.0% during the 4th quarter. Algert Global LLC now owns 44,268 shares of the industrial products company's stock worth $3,609,000 after buying an additional 877 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in Tennant by 94.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 10,780 shares of the industrial products company's stock worth $879,000 after acquiring an additional 5,250 shares in the last quarter. Lido Advisors LLC grew its stake in Tennant by 6.2% in the fourth quarter. Lido Advisors LLC now owns 12,471 shares of the industrial products company's stock valued at $1,017,000 after acquiring an additional 733 shares during the period. Finally, Northern Trust Corp grew its stake in Tennant by 21.8% in the fourth quarter. Northern Trust Corp now owns 227,754 shares of the industrial products company's stock valued at $18,569,000 after acquiring an additional 40,729 shares during the period. 93.33% of the stock is owned by institutional investors.

Insider Activity at Tennant

In other Tennant news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the sale, the senior vice president now directly owns 11,829 shares in the company, valued at approximately $1,022,262.18. The trade was a 12.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares of the company's stock, valued at $2,256,936.60. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, StockNews.com lowered Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

Tennant Stock Up 1.8%

Shares of Tennant stock traded up $1.36 on Friday, hitting $77.01. The company had a trading volume of 139,707 shares, compared to its average volume of 141,051. The stock has a 50-day moving average of $75.59 and a 200-day moving average of $82.08. 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. The firm has a market capitalization of $1.44 billion, a P/E ratio of 17.58 and a beta of 1.07.

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

Tennant announced that its Board of Directors has approved a share repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Friday, May 30th. Tennant's dividend payout ratio is presently 32.96%.

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.