Bank of New York Mellon Corp Has $22.12 Million Stake in Tennant Company $TNC

Bank of New York Mellon Corp grew its position in Tennant Company (NYSE:TNC - Free Report) by 27.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 333,187 shares of the industrial products company's stock after acquiring an additional 71,437 shares during the period. Bank of New York Mellon Corp owned 1.85% of Tennant worth $22,124,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Tennant by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 585,022 shares of the industrial products company's stock valued at $43,116,000 after purchasing an additional 6,760 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Tennant by 0.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 502,598 shares of the industrial products company's stock valued at $37,041,000 after buying an additional 2,803 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Tennant by 33.8% in the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company's stock valued at $26,418,000 after buying an additional 90,611 shares during the last quarter. Vision One Management Partners LP raised its holdings in shares of Tennant by 18.1% in the fourth quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company's stock valued at $25,396,000 after buying an additional 52,721 shares during the last quarter. Finally, Invenomic Capital Management LP lifted its position in Tennant by 0.4% during the 4th quarter. Invenomic Capital Management LP now owns 331,174 shares of the industrial products company's stock worth $24,408,000 after buying an additional 1,259 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Stock Up 1.8%

Shares of NYSE:TNC opened at $88.32 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.12 and a quick ratio of 1.41. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 53.21, a P/E/G ratio of 2.42 and a beta of 1.12. The company has a 50 day moving average of $86.68 and a 200-day moving average of $79.26. Tennant Company has a one year low of $60.17 and a one year high of $91.93.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.18. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The business had revenue of $297.90 million for the quarter, compared to analyst estimates of $289.25 million. During the same period in the prior year, the business posted $1.12 earnings per share. Tennant's revenue was up 2.7% compared to the same quarter last year. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. On average, sell-side analysts forecast that Tennant Company will post 5.12 earnings per share for the current year.

Tennant announced that its Board of Directors has approved a share repurchase program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 shares. This buyback authorization authorizes the industrial products company to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on TNC. Wall Street Zen raised shares of Tennant from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Zacks Research raised shares of Tennant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $91.00.

Tennant Profile

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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