Penn Capital Management Company LLC Makes New Investment in Tennant (NYSE:TNC)

Penn Capital Management Company LLC purchased a new position in Tennant (NYSE:TNC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,279 shares of the industrial products company's stock, valued at approximately $1,083,000. Penn Capital Management Company LLC owned 0.07% of Tennant as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Tennant during the fourth quarter worth about $10,417,000. JPMorgan Chase & Co. increased its position in shares of Tennant by 204.4% in the fourth quarter. JPMorgan Chase & Co. now owns 148,070 shares of the industrial products company's stock worth $12,072,000 after purchasing an additional 99,423 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Tennant in the fourth quarter valued at approximately $5,830,000. Lightrock Netherlands B.V. purchased a new stake in Tennant in the fourth quarter valued at approximately $4,957,000. Finally, Russell Investments Group Ltd. grew its stake in Tennant by 2,337.5% in the 4th quarter. Russell Investments Group Ltd. now owns 55,038 shares of the industrial products company's stock worth $4,487,000 after buying an additional 52,780 shares in the last quarter. Institutional investors own 93.33% of the company's stock.

Tennant Price Performance

NYSE:TNC traded up $0.35 during mid-day trading on Tuesday, reaching $73.01. The stock had a trading volume of 22,206 shares, compared to its average volume of 139,763. The stock has a market capitalization of $1.37 billion, a P/E ratio of 16.66 and a beta of 0.97. The firm has a 50 day moving average price of $78.86 and a two-hundred day moving average price of $83.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. Tennant has a one year low of $67.57 and a one year high of $117.48.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business had revenue of $328.90 million during the quarter, compared to the consensus estimate of $324.00 million. As a group, analysts expect that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.295 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.62%. Tennant's payout ratio is 26.94%.

Tennant declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Tennant

In other news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the business's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the transaction, the senior vice president now owns 11,829 shares in the company, 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. Corporate insiders own 2.60% of the company's stock.

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.