Comerica Bank Increases Position in Tennant Company $TNC

Comerica Bank lifted its position in Tennant Company (NYSE:TNC) by 106.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 25,379 shares of the industrial products company’s stock after purchasing an additional 13,089 shares during the quarter. Comerica Bank’s holdings in Tennant were worth $1,870,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Gamco Investors INC. ET AL increased its stake in shares of Tennant by 0.3% in the third quarter. Gamco Investors INC. ET AL now owns 499,795 shares of the industrial products company’s stock worth $40,513,000 after purchasing an additional 1,593 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Tennant by 26.6% in the third quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock worth $35,261,000 after purchasing an additional 91,382 shares in the last quarter. Vision One Management Partners LP increased its stake in shares of Tennant by 63.1% in the third quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock worth $23,212,000 after purchasing an additional 112,873 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Tennant by 6.2% in the second quarter. First Trust Advisors LP now owns 236,633 shares of the industrial products company’s stock worth $18,334,000 after purchasing an additional 13,846 shares in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in shares of Tennant by 15.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 156,674 shares of the industrial products company’s stock worth $11,547,000 after acquiring an additional 21,459 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TNC has been the subject of a number of research reports. Wall Street Zen lowered shares of Tennant from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Freedom Capital lowered shares of Tennant from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Zacks Research upgraded shares of Tennant from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Roth Mkm restated a “buy” rating and set a $91.00 target price (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. Finally, Weiss Ratings upgraded shares of Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $91.00.

Insider Transactions at Tennant

In other news, Director David Windley sold 3,694 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $63.86, for a total value of $235,898.84. Following the completion of the sale, the director owned 7,422 shares of the company’s stock, valued at approximately $473,968.92. This represents a 33.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David W. Huml acquired 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were acquired at an average cost of $64.39 per share, for a total transaction of $257,560.00. Following the completion of the acquisition, the chief executive officer owned 67,958 shares of the company’s stock, valued at $4,375,815.62. This trade represents a 6.25% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 20,163 shares of company stock worth $1,261,674. Insiders own 3.50% of the company’s stock.

Tennant Price Performance

Tennant stock opened at $87.04 on Thursday. The firm has a 50-day moving average price of $70.72 and a 200-day moving average price of $74.77. The firm has a market capitalization of $1.57 billion, a PE ratio of 52.43, a price-to-earnings-growth ratio of 2.44 and a beta of 1.12. The company has a current ratio of 2.12, a quick ratio of 1.37 and a debt-to-equity ratio of 0.67. Tennant Company has a 12-month low of $60.17 and a 12-month high of $88.07.

Tennant (NYSE:TNC) last released its earnings results on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.18. The firm had revenue of $297.90 million during the quarter, compared to analyst estimates of $289.25 million. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $1.12 EPS. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. As a group, equities research analysts forecast that Tennant Company will post 4.84 EPS for the current year.

Tennant Dividend Announcement

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

Tennant announced that its board has authorized a stock repurchase program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.