Bank of New York Mellon Corp Makes New $28.56 Million Investment in Tennant Company $TNC

Bank of New York Mellon Corp acquired a new stake in shares of Tennant Company (NYSE:TNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 326,275 shares of the industrial products company's stock, valued at approximately $28,562,000. Bank of New York Mellon Corp owned approximately 1.91% of Tennant as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TNC. Hantz Financial Services Inc. raised its holdings in shares of Tennant by 85.1% during the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company's stock worth $28,000 after purchasing an additional 177 shares during the period. UMB Bank n.a. boosted its holdings in shares of Tennant by 1,778.6% in the 4th quarter. UMB Bank n.a. now owns 526 shares of the industrial products company's stock valued at $39,000 after buying an additional 498 shares during the period. State of Wyoming acquired a new position in shares of Tennant in the 2nd quarter valued at about $73,000. BNP Paribas Financial Markets grew its position in shares of Tennant by 25.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,936 shares of the industrial products company's stock valued at $150,000 after buying an additional 389 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in Tennant by 40.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,492 shares of the industrial products company's stock worth $193,000 after acquiring an additional 722 shares during the period. Institutional investors and hedge funds own 93.33% of the company's stock.

Tennant Trading Up 0.2%

Shares of NYSE TNC opened at $70.12 on Friday. The business has a fifty day simple moving average of $80.98 and a 200-day simple moving average of $78.48. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 68.75, a P/E/G 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 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 EPS for the quarter, missing analysts' consensus estimates of $1.33 by ($0.50). The firm had revenue of $324.00 million for the quarter, compared to analysts' expectations of $329.55 million. Tennant had a net margin of 1.50% and a return on equity of 13.32%. Tennant's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.49 earnings per share. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. Sell-side analysts predict that Tennant Company will post 3.85 EPS for the current year.

Tennant declared that its board has approved a share repurchase program on Monday, May 4th that permits the company to repurchase 2,000,000,000,000 outstanding shares. This repurchase authorization permits the industrial products company to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a $0.31 dividend. 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 (DPR) is 121.57%.

Insiders Place Their Bets

In related news, Director Timothy R. Morse purchased 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average cost of $68.18 per share, for a total transaction of $102,270.00. Following the completion of the acquisition, the director owned 10,614 shares in the company, valued at $723,662.52. This trade represents a 16.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donal L. Mulligan bought 8,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was bought at an average price of $67.34 per share, with a total value of $538,720.00. Following the transaction, the director owned 16,000 shares in the company, valued at approximately $1,077,440. This represents a 100.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen cut Tennant from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Zacks Research lowered shares of Tennant from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $91.00.

Tennant Company 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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