Bank of New York Mellon Corp Boosts Stake in Tennant Company $TNC

Bank of New York Mellon Corp increased its stake in Tennant Company (NYSE:TNC) by 2.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 167,384 shares of the industrial products company’s stock after purchasing an additional 4,377 shares during the period. Bank of New York Mellon Corp owned approximately 0.90% of Tennant worth $12,969,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Tennant during the 1st quarter valued at about $763,000. State of Alaska Department of Revenue boosted its position in Tennant by 6.1% during the second quarter. State of Alaska Department of Revenue now owns 11,098 shares of the industrial products company’s stock valued at $859,000 after buying an additional 640 shares during the period. American Century Companies Inc. boosted its holdings in Tennant by 44.3% during the 1st quarter. American Century Companies Inc. now owns 222,821 shares of the industrial products company’s stock valued at $17,770,000 after acquiring an additional 68,453 shares during the period. Victory Capital Management Inc. increased its stake in Tennant by 28.2% in the 1st quarter. Victory Capital Management Inc. now owns 27,837 shares of the industrial products company’s stock worth $2,220,000 after purchasing an additional 6,117 shares during the period. Finally, Ieq Capital LLC purchased a new position in Tennant in the 1st quarter worth approximately $299,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Analyst Ratings Changes

TNC has been the topic of several recent analyst reports. Roth Capital initiated coverage on shares of Tennant in a report on Friday, October 24th. They issued a “buy” rating and a $102.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Tennant in a report on Monday. Zacks Research upgraded Tennant to a “hold” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Tennant from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $113.50.

Tennant Stock Performance

Tennant stock opened at $69.20 on Wednesday. Tennant Company has a twelve month low of $67.32 and a twelve month high of $93.03. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.25 billion, a P/E ratio of 21.56, a PEG ratio of 1.74 and a beta of 1.07. The stock’s 50 day moving average is $79.17 and its 200 day moving average is $78.92.

Tennant (NYSE:TNC) last released its earnings results on Monday, November 3rd. The industrial products company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.03). The company had revenue of $303.30 million during the quarter, compared to the consensus estimate of $306.90 million. Tennant had a return on equity of 16.41% and a net margin of 4.84%.The company’s revenue was down 4.0% compared to the same quarter last year. During the same period last year, the firm posted $1.39 earnings per share. Tennant has set its FY 2025 guidance at 5.700-6.200 EPS. On average, equities research analysts predict that Tennant Company will post 5.89 earnings per share for the current fiscal year.

Tennant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a $0.31 dividend. This is a boost from Tennant’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, November 28th. Tennant’s payout ratio is currently 42.47%.

About Tennant

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.