Prudential Financial Inc. Decreases Stock Position in Tennant Company $TNC

Prudential Financial Inc. trimmed its holdings in Tennant Company (NYSE:TNC) by 5.3% during the second quarter, Holdings Channel.com reports. The fund owned 203,628 shares of the industrial products company’s stock after selling 11,394 shares during the period. Prudential Financial Inc.’s holdings in Tennant were worth $15,777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Banque Transatlantique SA purchased a new stake in shares of Tennant in the first quarter valued at about $59,000. Alta Fox Capital Management LLC acquired a new position in shares of Tennant during the 1st quarter worth approximately $73,000. CWM LLC lifted its stake in Tennant by 137.0% in the 1st quarter. CWM LLC now owns 1,519 shares of the industrial products company’s stock valued at $121,000 after buying an additional 878 shares in the last quarter. AlphaQuest LLC lifted its stake in Tennant by 108,150.0% in the 2nd quarter. AlphaQuest LLC now owns 2,165 shares of the industrial products company’s stock valued at $168,000 after buying an additional 2,163 shares in the last quarter. Finally, Savant Capital LLC acquired a new stake in Tennant during the 2nd quarter valued at $228,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Analysts Set New Price Targets

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

Tennant Price Performance

Shares of TNC stock opened at $74.15 on Thursday. The stock’s fifty day simple moving average is $77.98 and its 200 day simple moving average is $78.87. Tennant Company has a one year low of $67.32 and a one year high of $90.44. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 23.10, a P/E/G ratio of 1.74 and a beta of 1.07. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.09 and a quick ratio of 1.38.

Tennant (NYSE:TNC) last released its quarterly earnings data 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 return on equity of 16.41% and a net margin of 4.84%.The company had revenue of $303.30 million for the quarter, compared to analyst estimates of $306.90 million. During the same quarter in the prior year, the company earned $1.39 earnings per share. The business’s revenue was down 4.0% compared to the same quarter last year. Tennant has set its FY 2025 guidance at 5.700-6.200 EPS. On average, 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 issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from Tennant’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.7%. Tennant’s dividend payout ratio (DPR) is 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.