Schonfeld Strategic Advisors LLC Raises Position in Tennant (NYSE:TNC)

Schonfeld Strategic Advisors LLC increased its holdings in shares of Tennant (NYSE:TNC - Free Report) by 94.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,780 shares of the industrial products company's stock after purchasing an additional 5,250 shares during the quarter. Schonfeld Strategic Advisors LLC owned 0.06% of Tennant worth $879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Amundi increased its position in shares of Tennant by 190.4% during the fourth quarter. Amundi now owns 9,666 shares of the industrial products company's stock valued at $773,000 after acquiring an additional 6,338 shares during the last quarter. Barclays PLC increased its stake 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 purchasing an additional 27,712 shares during the period. Vanguard Group Inc. lifted its position in shares of Tennant by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company's stock worth $195,205,000 after purchasing an additional 12,422 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of 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. Finally, Franklin Resources Inc. boosted its stake in shares of Tennant by 1.3% in the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock valued at $1,213,000 after purchasing an additional 169 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Stock Down 0.4 %

TNC stock traded down $0.32 during mid-day trading on Friday, reaching $72.36. The company had a trading volume of 122,184 shares, compared to its average volume of 141,425. The firm has a fifty day simple moving average of $76.27 and a 200 day simple moving average of $82.42. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.52 and a beta of 1.07. 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 announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, missing analysts' consensus estimates 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 company's revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.49 earnings per share. Analysts forecast that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Friday, May 30th. Tennant's dividend payout ratio (DPR) is 32.96%.

Tennant announced that its board has authorized a stock buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's management 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 related news, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the sale, the insider now directly owns 25,770 shares in the company, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Barb Balinski sold 1,717 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction 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 trade represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

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.