Key Points
Vision One increased its Tennant position by 112,954 shares, representing a net position value change of $9.35 million.
The transaction accounts for 5.81% of fund’s 13F reportable assets under management (AUM).
Vision One's post-trade Tennant stake: 291,864 shares valued at $23.21 million.
The holding represents 14.61% of 13F AUM, making it the fund’s 4th-largest position.
On Nov. 14, 2025, Vision One Management Partners, LP disclosed a buy of Tennant Company(NYSE:TNC), increasing its stake by 112,954 shares, an estimated $9.35 million change.
What happened
According to a Securities and Exchange Commission (SEC) filing dated Nov. 14, 2025, Vision One Management Partners increased its holding in Tennant Company by 112,954 shares over the prior quarter.
The fund’s total position in the stock was valued at $23.21 million at quarter-end, covering 291,864 shares.
What else to know
Tennant now represents 14.6% of Vision One’s 13F AUM following the trade.
The firm's top five holdings post-filing:
- Hexcel (NYSE:HXL): $27.55 million (17.3% of AUM)
- Chemours (NYSE:CC): $27.25 million (17.2% of AUM)
- Ingevity (NYSE:NGVT): $25.27 million (15.9% of AUM)
- Tennant (NYSE:TNC): $23.21 million (14.6% of AUM)
- Caesars Entertainment (NASDAQ:CZR): $17.93 million (11.3% of AUM)
As of Nov. 14, 2025, shares were priced at $72.19, down approximately 16.0% over the preceding year, underperforming the S&P 500 by 29 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Market capitalization | $1.34 billion |
| Revenue (TTM) | $1.24 billion |
| Net income (TTM) | $54.80 million |
| Price (as of market close 11/14/25) | $72.19 |
Company Snapshot
Tennant:
- Offers a comprehensive portfolio of floor cleaning equipment, sustainable cleaning technologies, aftermarket parts, maintenance services, and specialty surface coatings.
- Generates revenue through direct sales, service contracts, rentals, leasing, and a global distributor network, supported by recurring aftermarket sales and value-added solutions.
- Serves contract cleaners, retailers, industrial facilities, public venues, educational institutions, and healthcare organizations worldwide.
Tennant Company is a global leader in industrial and commercial cleaning equipment, operating at scale with a diversified product lineup and a strong aftermarket business.
The company leverages its established brands and technology-driven solutions to address a broad range of cleaning needs across multiple sectors.
Its integrated business model and international reach provide a competitive edge in serving both direct and distributor-based customers.
Foolish take
Vision One has bought new shares of Dividend King Tennant Company in each of the last four quarters.
A Dividend King is a who's-who list of stocks that have grown their dividend payments for more than 50 consecutive years.
While many of the companies on this list are mature and somewhat stodgy businesses, Tennant's autonomous mobile robot (AMR) cleaners bring a modern touch to this group of dividend growth stocks.
That said, Tennant won't be mistaken for a growth stock anymore, and its recent results have been significantly weighed down by tariffs and broader macroeconomic uncertainty.
However, its 1.7% dividend yield is back near its decade-long highs, and these payments only use 40% of the company's net income. Furthermore, the company only trades at 12 times forward earnings, so it isn't priced for perfection by any means. Even a return to minimal growth could send the stock higher.
While its a bit of a gambit to launch headfirst into the AMR space as it will have to constantly innovate to maintain its leadership advantage in the niche, Tennant looks poised to continue leading the way.
With Vision One now owning 1.5% of Tennant, it will be interesting to see if the activist investor shakes up the stock, which has recently underperformed.
I'll be keeping an eye on the business, but would like to see a return to revenue growth and stronger return on invested capital (ROIC) figures before putting any money into the stock.
Glossary
13F: A regulatory filing required for institutional investment managers to disclose certain equity holdings quarterly.
Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm on behalf of clients.
Buy direction: Indicates that a fund increased its holdings in a particular security during a reporting period.
Net position: The total value of a fund's holdings in a specific security after accounting for buys and sells.
Aftermarket sales: Revenue from selling parts, services, or accessories after the initial product sale.
Distributor network: A system of third-party companies authorized to sell and service a manufacturer’s products.
Service contracts: Agreements where customers pay for ongoing maintenance or support for products over a set period.
Leasing: A financial arrangement where customers pay to use equipment for a specified time instead of purchasing it.
TTM: The 12 months ending with the most recent quarterly report.
Quarter-end: The last day of a company’s fiscal quarter, used for financial reporting and analysis.
Position value: The total market worth of a fund’s investment in a particular security.
Integrated business model: A strategy where a company controls multiple stages of its value chain, from production to sales and service.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool recommends Hexcel and Tennant. The Motley Fool has a disclosure policy.
