Bank of America Corp DE Sells 28,429 Shares of Tennant Company $TNC

Key Points

• Bank of America reduced its Tennant position by 39.2%, selling 28,429 shares and retaining 44,061 shares valued at approximately $2.93 million. Institutional investors collectively own 93.33% of the company.
• Tennant reported quarterly EPS of $0.83, missing analyst estimates of $1.33, while revenue rose 1.7% year over year to $324 million. The company issued fiscal 2026 EPS guidance of $3.80–$4.45.
• The company authorized a buyback covering up to 11.1% of shares and declared a quarterly dividend of $0.31, yielding about 1.8% annually. Despite recent insider purchases, analysts maintain a consensus “Hold” rating with a $91 target price.

Bank of America Corp DE cut its position in Tennant Company (NYSE:TNC - Free Report) by 39.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 44,061 shares of the industrial products company's stock after selling 28,429 shares during the period. Bank of America Corp DE owned approximately 0.26% of Tennant worth $2,926,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TNC. Gamco Investors INC. ET AL boosted its holdings in Tennant by 40.5% in the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company's stock worth $46,905,000 after purchasing an additional 203,802 shares during the last quarter. Vision One Management Partners LP grew its holdings in shares of Tennant by 63.1% in the third quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company's stock worth $23,212,000 after acquiring an additional 112,873 shares during the period. Millennium Management LLC increased its position in Tennant by 33.8% during the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company's stock valued at $26,418,000 after acquiring an additional 90,611 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Tennant by 27.3% in the first quarter. Bank of New York Mellon Corp now owns 333,187 shares of the industrial products company's stock valued at $22,124,000 after acquiring an additional 71,437 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Tennant by 158.4% in the 4th quarter. Jane Street Group LLC now owns 94,461 shares of the industrial products company's stock worth $6,962,000 after purchasing an additional 57,907 shares during the period. Institutional investors own 93.33% of the company's stock.

Tennant Stock Down 0.1%

Shares of TNC opened at $69.52 on Tuesday. The business's 50 day moving average is $80.56 and its 200 day moving average is $78.38. The company has a market capitalization of $1.19 billion, a PE ratio of 68.16, a price-to-earnings-growth ratio of 2.59 and a beta of 1.13. Tennant Company has a 12-month low of $60.17 and a 12-month high of $91.93. The company has a current ratio of 2.04, a quick ratio of 1.37 and a debt-to-equity ratio of 0.67.

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

Tennant declared that its Board of Directors has approved a share buyback plan on Monday, May 4th that allows the company to repurchase 2,000,000,000,000 shares. This repurchase authorization allows the industrial products company to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, August 31st. Tennant's dividend payout ratio is 121.57%.

Insider Buying and Selling

In other Tennant news, Director Timothy R. Morse purchased 1,500 shares of Tennant stock in a transaction that occurred on Wednesday, August 12th. The shares were bought at an average price of $68.18 per share, for a total transaction of $102,270.00. Following the completion of the transaction, the director owned 10,614 shares of the company's stock, valued at approximately $723,662.52. This trade represents a 16.46% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Donal L. Mulligan purchased 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average cost of $67.34 per share, for a total transaction of $538,720.00. Following the purchase, the director owned 16,000 shares of the company's stock, valued at $1,077,440. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TNC has been the topic of several analyst reports. Zacks Research downgraded Tennant from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, August 10th. Wall Street Zen cut Tennant from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings upgraded Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Tennant currently has a consensus rating of "Hold" and a consensus target price of $91.00.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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