Invenomic Capital Management LP Makes New Investment in Tennant (NYSE:TNC)

Invenomic Capital Management LP acquired a new stake in Tennant (NYSE:TNC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,204 shares of the industrial products company's stock, valued at approximately $6,050,000. Invenomic Capital Management LP owned 0.39% of Tennant as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Barclays PLC grew its holdings in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock worth $3,857,000 after acquiring an additional 27,712 shares during the period. Franklin Resources Inc. boosted its position in Tennant by 1.3% during the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after purchasing an additional 169 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Tennant by 93.1% in the third quarter. JPMorgan Chase & Co. now owns 48,647 shares of the industrial products company's stock valued at $4,672,000 after purchasing an additional 23,460 shares during the period. Albert D Mason Inc. increased its position in shares of Tennant by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company's stock valued at $800,000 after buying an additional 145 shares in the last quarter. Finally, Value Holdings Management CO. LLC acquired a new position in shares of Tennant during the 4th quarter worth approximately $815,000. 93.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the sale, the insider now owns 25,770 shares of the company's stock, valued at approximately $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 can be accessed through this link. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. This represents a 12.68% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Tennant Price Performance

Shares of TNC stock traded down $1.33 during trading hours on Wednesday, hitting $75.63. 86,651 shares of the company's stock were exchanged, compared to its average volume of 141,166. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.41 billion, a P/E ratio of 17.27 and a beta of 1.07. The firm has a 50 day moving average of $75.99 and a two-hundred day moving average of $82.23. Tennant has a fifty-two week low of $67.32 and a fifty-two week high of $110.45.

Tennant (NYSE:TNC - Get Free Report) last released its earnings results 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). The firm had revenue of $290.00 million during the quarter, compared to analysts' expectations of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business's revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 EPS. Sell-side analysts forecast that Tennant will post 5.89 EPS for the current year.

Tennant announced that its board has approved a stock repurchase plan on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.18 annualized dividend and a dividend yield of 1.56%. Tennant's dividend payout ratio (DPR) is presently 32.96%.

Wall Street Analyst Weigh In

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

Tennant 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.