Vision One Management Partners LP Buys New Holdings in Tennant (NYSE:TNC)

Vision One Management Partners LP bought a new stake in Tennant (NYSE:TNC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 113,604 shares of the industrial products company's stock, valued at approximately $9,262,000. Tennant comprises 5.0% of Vision One Management Partners LP's investment portfolio, making the stock its 8th largest position. Vision One Management Partners LP owned 0.60% of Tennant at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sterling Capital Management LLC raised its stake in Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 301 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Tennant during the 4th quarter valued at approximately $59,000. KBC Group NV raised its stake in Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after acquiring an additional 394 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Tennant by 120.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock valued at $90,000 after acquiring an additional 600 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in Tennant during the 4th quarter valued at approximately $92,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Tennant Price Performance

NYSE TNC traded down $0.49 during mid-day trading on Friday, hitting $72.72. The stock had a trading volume of 142,183 shares, compared to its average volume of 142,621. Tennant has a 52-week low of $67.32 and a 52-week high of $110.45. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 16.60 and a beta of 1.07. The company has a 50 day simple moving average of $74.78 and a 200 day simple moving average of $81.69. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32.

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

Tennant announced that its board has initiated a stock repurchase program on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.62%. The ex-dividend date is Friday, May 30th. Tennant's payout ratio is currently 32.96%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded 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.