Bank of America Corp DE Purchases New Stake in Tennant Company $TNC

Key Points

• Bank of America acquired 70,572 Tennant shares during the second quarter, worth approximately $6.18 million and representing about 0.41% of the company. Institutional investors collectively own 93.33% of Tennant.
• Tennant reported quarterly EPS of $0.83, missing the $1.33 analyst consensus, while revenue reached $324 million, slightly below expectations but up 1.7% year over year. The company maintained fiscal 2026 EPS guidance of $3.80–$4.45.
• Analyst sentiment is cautious: Tennant has a consensus “Hold” rating and a $91 target price, while insiders purchased 12,500 shares worth about $849,250 over the past three months.

Bank of America Corp DE bought a new stake in shares of Tennant Company (NYSE:TNC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 70,572 shares of the industrial products company's stock, valued at approximately $6,178,000. Bank of America Corp DE owned approximately 0.41% of Tennant as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Hantz Financial Services Inc. raised its stake in Tennant by 85.1% in the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company's stock worth $28,000 after buying an additional 177 shares in the last quarter. Aristides Capital LLC grew its stake in shares of Tennant by 12.9% during the first quarter. Aristides Capital LLC now owns 3,079 shares of the industrial products company's stock worth $204,000 after acquiring an additional 352 shares during the last quarter. Invenomic Capital Management LP boosted its stake in Tennant by 0.4% in the 4th quarter. Invenomic Capital Management LP now owns 331,174 shares of the industrial products company's stock worth $24,408,000 after purchasing an additional 1,259 shares in the last quarter. Sylvest Advisors LLC lifted its stake in shares of Tennant by 20.5% during the first quarter. Sylvest Advisors LLC now owns 8,594 shares of the industrial products company's stock worth $571,000 after buying an additional 1,461 shares during the period. Finally, Inspire Investing LLC lifted its position in Tennant by 23.2% during the 1st quarter. Inspire Investing LLC now owns 7,936 shares of the industrial products company's stock worth $527,000 after acquiring an additional 1,493 shares during the period. Hedge funds and other institutional investors own 93.33% of the company's stock.

Insider Activity

In other news, Director Patrick E. Allen purchased 3,000 shares of the stock in a transaction on Monday, August 31st. The stock was bought at an average price of $69.42 per share, for a total transaction of $208,260.00. Following the acquisition, the director directly owned 4,927 shares of the company's stock, valued at approximately $342,032.34. The trade was a 155.68% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Timothy R. Morse acquired 1,500 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average cost of $68.18 per share, with a total value of $102,270.00. Following the completion of the transaction, the director owned 10,614 shares in the company, valued at approximately $723,662.52. The trade was a 16.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 12,500 shares of company stock worth $849,250. Corporate insiders own 3.50% of the company's stock.

Tennant Price Performance

TNC stock opened at $67.70 on Monday. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 66.38, a price-to-earnings-growth ratio of 2.52 and a beta of 1.11. Tennant Company has a 52-week low of $60.17 and a 52-week high of $91.93. The business has a fifty day moving average of $73.58 and a two-hundred day moving average of $77.97. The company has a quick ratio of 1.37, a current ratio of 2.04 and a debt-to-equity ratio of 0.67.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.83 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.50). Tennant had a return on equity of 13.32% and a net margin of 1.50%.The company had revenue of $324.00 million for the quarter, compared to analysts' expectations of $329.55 million. During the same period in the previous year, the business posted $1.49 EPS. The business's revenue for the quarter was up 1.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. As a group, research analysts anticipate that Tennant Company will post 3.85 earnings per share for the current year.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were issued a dividend of $0.31 per share. The ex-dividend date was Monday, August 31st. This represents a $1.24 dividend on an annualized basis and a yield of 1.8%. Tennant's dividend payout ratio is 121.57%.

Wall Street Analyst Weigh In

TNC has been the subject of a number of research reports. Weiss Ratings downgraded shares of Tennant from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, September 11th. Wall Street Zen cut shares of Tennant from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Zacks Research lowered Tennant from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $91.00.

About Tennant

Tennant Company is a manufacturer of cleaning equipment and related solutions for commercial, industrial and institutional customers. Its product portfolio includes industrial floor scrubbers, sweepers, outdoor cleaning equipment, and compact machines designed for a range of facility sizes and cleaning requirements.

The company also provides autonomous cleaning machines, cleaning chemicals, replacement parts, service and maintenance programs, and technology-enabled solutions intended to improve cleaning productivity and facility operations.

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