Semanteon Capital Management LP Has $1.48 Million Stock Position in Tennant (NYSE:TNC)

Semanteon Capital Management LP grew its position in Tennant (NYSE:TNC - Free Report) by 80.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,105 shares of the industrial products company's stock after acquiring an additional 8,067 shares during the period. Tennant accounts for approximately 0.8% of Semanteon Capital Management LP's investment portfolio, making the stock its 11th biggest position. Semanteon Capital Management LP owned 0.10% of Tennant worth $1,476,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Tennant in the third quarter valued at about $1,037,000. Intech Investment Management LLC acquired a new position in shares of Tennant in the third quarter valued at approximately $386,000. Charles Schwab Investment Management Inc. raised its holdings in Tennant by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 253,119 shares of the industrial products company's stock valued at $24,310,000 after buying an additional 3,975 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in Tennant during the 3rd quarter worth approximately $3,873,000. Finally, Cerity Partners LLC grew its holdings in Tennant by 21.1% during the 3rd quarter. Cerity Partners LLC now owns 90,173 shares of the industrial products company's stock worth $8,660,000 after acquiring an additional 15,722 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company's stock.

Insider Buying and Selling

In other 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 transaction, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total transaction of $148,383.14. Following the transaction, the senior vice president now directly owns 11,829 shares in the company, valued at $1,022,262.18. This trade 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 insiders.

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Tennant Trading Down 0.8 %

NYSE:TNC traded down $0.62 on Tuesday, reaching $81.18. 142,182 shares of the stock traded hands, compared to its average volume of 127,367. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 1-year low of $78.57 and a 1-year high of $124.11. The company's 50 day moving average is $85.47 and its 200-day moving average is $87.26. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 18.53 and a beta of 1.02.

Tennant (NYSE:TNC - Get Free Report) last released its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $324.00 million. Equities research analysts anticipate that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its Board of Directors has authorized a share repurchase program on Thursday, February 13th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Tennant Announces Dividend

The firm also recently announced 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 was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.45%. Tennant's payout ratio is 26.94%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. Northcoast Research assumed coverage on Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price for the company.

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.