Vanguard Group Inc. Decreases Stock Holdings in Tennant Company $TNC

Key Points

• Vanguard Group trimmed its stake in Tennant by 1.0% in the fourth quarter, though it still owned 2.15 million shares worth about $158.5 million as of the filing.
• Several insiders sold shares in late February, including directors David Windley and Carol S. Eicher, even as insiders overall bought 20,163 shares over the last 90 days.
• Tennant reported better-than-expected quarterly results, with EPS of $0.58 versus $0.40 expected and revenue of $297.9 million, and the company also announced a share buyback program plus a quarterly dividend of $0.31 per share.

Vanguard Group Inc. lowered its stake in Tennant Company (NYSE:TNC - Free Report) by 1.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,150,347 shares of the industrial products company's stock after selling 21,844 shares during the quarter. Vanguard Group Inc. owned 11.86% of Tennant worth $158,481,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vision One Management Partners LP lifted its holdings in Tennant by 63.1% during 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 purchasing an additional 112,873 shares in the last quarter. American Century Companies Inc. lifted its stake in Tennant by 26.6% in the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company's stock valued at $35,261,000 after buying an additional 91,382 shares in the last quarter. Kopion Asset Management LLC boosted its holdings in Tennant by 40.6% in the 4th quarter. Kopion Asset Management LLC now owns 123,037 shares of the industrial products company's stock worth $9,068,000 after buying an additional 35,531 shares during the last quarter. Sei Investments Co. increased its stake in Tennant by 507.4% during the 2nd quarter. Sei Investments Co. now owns 34,809 shares of the industrial products company's stock worth $2,697,000 after buying an additional 29,078 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Tennant by 110.0% during the third quarter. Squarepoint Ops LLC now owns 45,663 shares of the industrial products company's stock valued at $3,701,000 after acquiring an additional 23,923 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company's stock.

Insider Buying and Selling at Tennant

In related news, Director David Windley sold 3,694 shares of the firm's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $63.86, for a total transaction of $235,898.84. Following the completion of the sale, the director directly owned 7,422 shares in the company, valued at approximately $473,968.92. This trade represents a 33.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carol S. Eicher sold 3,130 shares of Tennant stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $61.98, for a total transaction of $193,997.40. Following the transaction, the director directly owned 28,836 shares in the company, valued at $1,787,255.28. This trade represents a 9.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have bought 20,163 shares of company stock worth $1,261,674. Corporate insiders own 3.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on TNC shares. Weiss Ratings upgraded Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Zacks Research upgraded Tennant from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Roth Mkm reissued a "buy" rating and issued a $91.00 price objective (down from $107.00) on shares of Tennant in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Tennant from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Freedom Capital lowered shares of Tennant from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $91.00.

Tennant Trading Down 0.9%

TNC opened at $86.30 on Tuesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 51.98, a price-to-earnings-growth ratio of 2.43 and a beta of 1.12. The company's 50 day simple moving average is $72.17 and its two-hundred day simple moving average is $74.90. Tennant Company has a 1-year low of $60.17 and a 1-year high of $88.86. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.12 and a quick ratio of 1.41.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.18. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The business had revenue of $297.90 million during the quarter, compared to analyst estimates of $289.25 million. During the same period in the prior year, the business earned $1.12 earnings per share. The business'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. Analysts expect that Tennant Company will post 5.12 EPS for the current fiscal year.

Tennant announced that its board has approved a stock buyback plan on Monday, May 4th that permits the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Tennant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.4%. Tennant's dividend payout ratio (DPR) is 74.70%.

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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