Ceredex Value Advisors LLC Acquires 18,600 Shares of Tennant Company $TNC

Ceredex Value Advisors LLC raised its holdings in Tennant Company (NYSE:TNC) by 15.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,850 shares of the industrial products company’s stock after purchasing an additional 18,600 shares during the period. Ceredex Value Advisors LLC owned 0.77% of Tennant worth $11,068,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Banque Transatlantique SA bought a new position in Tennant in the 1st quarter worth approximately $59,000. Alta Fox Capital Management LLC purchased a new stake in shares of Tennant during the first quarter worth $73,000. AlphaQuest LLC boosted its holdings in shares of Tennant by 108,150.0% in the second quarter. AlphaQuest LLC now owns 2,165 shares of the industrial products company’s stock worth $168,000 after acquiring an additional 2,163 shares during the period. Savant Capital LLC purchased a new position in shares of Tennant in the second quarter valued at $228,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Tennant during the 2nd quarter valued at $248,000. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on TNC shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tennant in a report on Monday. Zacks Research raised shares of Tennant to a “hold” rating in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Finally, Roth Capital assumed coverage on shares of Tennant in a report on Friday, October 24th. They issued a “buy” rating and a $102.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Tennant presently has a consensus rating of “Moderate Buy” and an average price target of $113.50.

Tennant Stock Down 0.9%

Shares of NYSE TNC opened at $73.13 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $77.67 and a 200-day moving average of $78.81. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 1.74 and a beta of 1.07. Tennant Company has a 12 month low of $67.32 and a 12 month high of $90.44.

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

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.31 per share. This is a boost from Tennant’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, November 28th. This represents a $1.24 annualized dividend and a dividend yield of 1.7%. Tennant’s dividend payout ratio is currently 42.47%.

Tennant Profile

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.