BlackRock Inc. bought a new stake in shares of Tennant Company (NYSE:TNC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,698,829 shares of the industrial products company's stock, valued at approximately $236,255,000. BlackRock Inc. owned about 15.84% of Tennant as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in Tennant during the second quarter valued at $28,562,000. Gamco Investors INC. ET AL raised its position in Tennant by 40.5% during the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company's stock valued at $46,905,000 after purchasing an additional 203,802 shares during the period. Vision One Management Partners LP lifted its stake in shares of Tennant by 63.1% in the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company's stock valued at $23,212,000 after purchasing an additional 112,873 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Tennant by 33.8% in the 4th quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company's stock worth $26,418,000 after purchasing an additional 90,611 shares during the period. Finally, Jane Street Group LLC boosted its holdings 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. 93.33% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on TNC. Weiss Ratings upgraded Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday. Wall Street Zen downgraded shares of Tennant from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Zacks Research lowered shares of Tennant from a "strong-buy" rating to a "strong sell" rating in a report on Monday, August 10th. One 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $91.00.
Check Out Our Latest Stock Analysis on Tennant
Tennant Stock Performance
Shares of Tennant stock opened at $70.00 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.04 and a debt-to-equity ratio of 0.67. The stock's fifty day moving average is $81.38 and its two-hundred day moving average is $78.54. Tennant Company has a 52 week low of $60.17 and a 52 week high of $91.93. The company has a market capitalization of $1.19 billion, a PE ratio of 68.63, a price-to-earnings-growth ratio of 2.62 and a beta of 1.13.
Tennant (NYSE:TNC - Get Free Report) last issued its earnings results 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). The company 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%. The firm's revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.49 earnings per share. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. As a group, analysts expect that Tennant Company will post 3.85 earnings per share for the current year.
Tennant Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 31st. Tennant's payout ratio is 121.57%.
Tennant declared that its board has initiated a share buyback plan on Monday, May 4th that allows the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization allows the industrial products company to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Insider Transactions at Tennant
In related news, Director Timothy R. Morse bought 1,500 shares of Tennant stock in a transaction dated Wednesday, August 12th. The shares were acquired 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 $723,662.52. The trade was a 16.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donal L. Mulligan purchased 8,000 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were bought at an average cost of $67.34 per share, with a total value of $538,720.00. Following the purchase, the director directly owned 16,000 shares of the company's stock, valued at approximately $1,077,440. This represents a 100.00% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is owned by corporate insiders.
Tennant Company Profile
(
Free Report)
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.
Further Reading
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