Martin & Co. Inc. TN Takes $2.28 Million Position in Tennant Company $TNC

Martin & Co. Inc. TN purchased a new position in shares of Tennant Company (NYSE:TNC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,086 shares of the industrial products company’s stock, valued at approximately $2,284,000. Martin & Co. Inc. TN owned about 0.15% of Tennant at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Tennant in the 2nd quarter valued at $236,255,000. Deutsche Bank AG purchased a new position in Tennant during the 2nd quarter worth $1,636,000. Bank of New York Mellon Corp purchased a new position in Tennant during the 2nd quarter worth $28,562,000. SFE Investment Counsel acquired a new stake in shares of Tennant in the 2nd quarter worth $1,066,000. Finally, Turtle Creek Asset Management Inc. lifted its stake in shares of Tennant by 32.7% in the 1st quarter. Turtle Creek Asset Management Inc. now owns 13,000 shares of the industrial products company’s stock worth $863,000 after acquiring an additional 3,200 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

Tennant Trading Up 1.0%

Shares of Tennant stock opened at $68.67 on Friday. The company has a 50-day moving average of $82.82 and a two-hundred day moving average of $78.85. Tennant Company has a 12-month low of $60.17 and a 12-month high of $91.93. The company has a current ratio of 2.04, a quick ratio of 1.37 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.17 billion, a PE ratio of 67.32, a price-to-earnings-growth ratio of 2.55 and a beta of 1.13.

Tennant (NYSE:TNC) last announced its quarterly 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). The firm had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $329.55 million. Tennant had a return on equity of 13.32% and a net margin of 1.50%.Tennant’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned $1.49 EPS. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. On average, research analysts anticipate that Tennant Company will post 3.85 EPS for the current fiscal year.

Tennant declared that its board has authorized a stock buyback plan on Monday, May 4th that allows the company to buyback 2,000,000,000,000 shares. This buyback authorization allows the industrial products company to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Monday, August 31st. Tennant’s payout ratio is presently 121.57%.

Insiders Place Their Bets

In other news, Director Donal L. Mulligan bought 8,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $67.34 per share, with a total value of $538,720.00. Following the completion of the acquisition, the director owned 16,000 shares of the company’s stock, valued at approximately $1,077,440. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy R. Morse purchased 1,500 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average price of $68.18 per share, with a total value of $102,270.00. Following the transaction, the director owned 10,614 shares of the company’s stock, valued at approximately $723,662.52. This represents 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.

Analyst Upgrades and Downgrades

TNC has been the topic of a number of recent analyst reports. Zacks Research lowered shares of Tennant from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, August 10th. Wall Street Zen downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings lowered Tennant from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Tennant presently has an average rating of “Hold” and a consensus price target of $91.00.

Tennant Company Profile

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.