Clearline Capital LP Buys New Position in Tennant (TNC)

Clearline Capital LP bought a new stake in Tennant (NYSE:TNC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 32,090 shares of the industrial products company’s stock, valued at approximately $2,331,000. Tennant comprises about 1.2% of Clearline Capital LP’s investment portfolio, making the stock its 21st biggest holding. Clearline Capital LP owned approximately 0.18% of Tennant as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TNC. Quantbot Technologies LP increased its stake in Tennant by 1,013.0% during the third quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 2,026 shares during the last quarter. Magnetar Financial LLC acquired a new stake in Tennant during the third quarter worth about $204,000. Cubist Systematic Strategies LLC acquired a new stake in Tennant during the third quarter worth about $221,000. SNS Financial Group LLC acquired a new stake in Tennant during the fourth quarter worth about $231,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Tennant during the third quarter worth about $242,000. Hedge funds and other institutional investors own 91.07% of the company’s stock.

Several equities research analysts have commented on TNC shares. Zacks Investment Research upgraded Tennant from a “strong sell” rating to a “hold” rating in a research note on Saturday, January 13th. Dougherty & Co upgraded Tennant from a “neutral” rating to a “buy” rating in a research note on Monday, February 26th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $65.00.

In related news, insider Thomas Paulson sold 6,694 shares of the stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $72.90, for a total value of $487,992.60. Following the completion of the transaction, the insider now owns 24,035 shares of the company’s stock, valued at $1,752,151.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.70% of the stock is owned by corporate insiders.

Shares of Tennant (TNC) opened at $71.80 on Tuesday. Tennant has a 1 year low of $59.00 and a 1 year high of $76.80. The company has a quick ratio of 1.25, a current ratio of 1.79 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $1,250.80, a PE ratio of -204.42, a PEG ratio of 3.69 and a beta of 0.92.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, February 22nd. The industrial products company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.01). Tennant had a positive return on equity of 9.68% and a negative net margin of 0.62%. The company had revenue of $279.30 million during the quarter, compared to analysts’ expectations of $262.13 million. During the same period in the previous year, the company earned $0.85 EPS. Tennant’s quarterly revenue was up 31.9% on a year-over-year basis. research analysts expect that Tennant will post 1.89 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Tuesday, February 27th. Tennant’s payout ratio is -239.99%.

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Tennant Profile

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.

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Institutional Ownership by Quarter for Tennant (NYSE:TNC)

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