Invenomic Capital Management LP Invests $6.05 Million in Tennant (NYSE:TNC)

Invenomic Capital Management LP purchased a new position in shares of Tennant (NYSE:TNC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 74,204 shares of the industrial products company’s stock, valued at approximately $6,050,000. Invenomic Capital Management LP owned approximately 0.39% of Tennant at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Summit Investment Advisors Inc. increased its stake in Tennant by 7.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after purchasing an additional 142 shares during the last quarter. Albert D Mason Inc. grew its position in shares of Tennant by 1.5% during the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock worth $800,000 after acquiring an additional 145 shares during the last quarter. Franklin Resources Inc. grew its position in shares of 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 acquiring an additional 169 shares during the last quarter. Accredited Investors Inc. grew its position in shares of Tennant by 1.4% during the fourth quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company’s stock worth $1,088,000 after acquiring an additional 186 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Tennant by 5.7% during the fourth quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company’s stock worth $299,000 after acquiring an additional 199 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Stock Performance

Shares of TNC opened at $72.36 on Monday. The firm has a 50-day moving average price of $76.27 and a 200 day moving average price of $82.37. The firm has a market capitalization of $1.35 billion, a PE ratio of 16.52 and a beta of 1.07. 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 has a 52-week low of $67.32 and a 52-week high of $110.45.

Tennant (NYSE:TNC) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.26). The company had revenue of $290.00 million during the quarter, compared to the consensus estimate of $296.63 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.49 EPS. On average, sell-side analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Tennant announced that its board has approved a share repurchase plan on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.295 per share. The ex-dividend date is Friday, May 30th. This represents a $1.18 annualized dividend and a dividend yield of 1.63%. Tennant’s dividend payout ratio (DPR) is 32.96%.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company’s 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 of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the sale, the senior vice president now directly owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This represents a 12.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report 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.