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

Invenomic Capital Management LP purchased a new position in Tennant (NYSE:TNC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 74,204 shares of the industrial products company’s stock, valued at approximately $6,050,000.

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

Insider Transactions at Tennant

In other Tennant 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 owns 25,770 shares in the company, valued at $2,256,936.60. The trade was 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 at this link. Also, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction 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 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 corporate insiders.

Tennant Trading Down 0.4%

NYSE:TNC opened at $72.36 on Monday. Tennant has a 12 month low of $67.32 and a 12 month high of $110.45. The firm has a market cap of $1.35 billion, a price-to-earnings 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. The company’s 50 day moving average is $76.27 and its 200-day moving average is $82.37.

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

Tennant announced that its board has authorized a share buyback 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Tennant Dividend Announcement

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

Analyst Upgrades and Downgrades

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