Legal & General Group Plc Acquires New Position in Tennant Company $TNC

Key Points

• Legal & General Group Plc acquired 40,315 Tennant shares worth approximately $3.53 million, while institutional investors collectively own 93.33% of the company.
• Tennant’s latest quarterly results fell short of expectations, with EPS of $0.83 versus the $1.33 consensus estimate and revenue of $324 million versus $329.55 million expected. The company reported 1.7% year-over-year revenue growth and issued fiscal 2026 EPS guidance of $3.80–$4.45.
• The company declared a quarterly dividend of $0.31 per share, representing a 1.7% yield, while analysts’ average rating remained Hold with a $91 price target. Two directors also purchased Tennant shares in August.

Legal & General Group Plc bought a new position in shares of Tennant Company (NYSE:TNC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 40,315 shares of the industrial products company's stock, valued at approximately $3,529,000. Legal & General Group Plc owned 0.24% of Tennant as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in TNC. BlackRock Inc. bought a new position in shares of Tennant in the 2nd quarter worth $236,255,000. Bank of New York Mellon Corp bought a new stake in Tennant in the second quarter valued at about $28,562,000. Gamco Investors INC. ET AL lifted its stake 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 valued at $46,905,000 after buying an additional 203,802 shares during the period. Vision One Management Partners LP lifted its stake in 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 valued at $23,212,000 after buying an additional 112,873 shares during the period. Finally, Millennium Management LLC boosted its holdings in Tennant by 33.8% during the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company's stock worth $26,418,000 after buying an additional 90,611 shares during the last quarter. Institutional investors own 93.33% of the company's stock.

Tennant Stock Performance

TNC opened at $71.74 on Friday. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 70.33, a P/E/G ratio of 2.61 and a beta of 1.11. The business's 50-day moving average price is $79.01 and its two-hundred day moving average price is $78.07. Tennant Company has a 1 year low of $60.17 and a 1 year high of $91.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.04 and a quick ratio of 1.37.

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

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, August 31st. Tennant's payout ratio is presently 121.57%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TNC. Wall Street Zen lowered shares of Tennant from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Finally, Zacks Research cut shares of Tennant from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, August 10th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Tennant has an average rating of "Hold" and an average price target of $91.00.

Insider Buying and Selling at Tennant

In other Tennant news, Director Donal Mulligan purchased 8,000 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were purchased at an average cost of $67.34 per share, with a total value of $538,720.00. Following the transaction, the director directly owned 16,000 shares of the company's stock, valued at $1,077,440. This represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy Morse acquired 1,500 shares of Tennant stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $68.18 per share, with a total value of $102,270.00. Following the completion of the purchase, the director owned 10,614 shares in the company, valued at approximately $723,662.52. The trade was a 16.46% 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 insiders.

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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