VIRGINIA RETIREMENT SYSTEMS ET Al Takes $2.95 Million Position in Tennant Company $TNC

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Tennant Company (NYSE:TNC) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 33,700 shares of the industrial products company’s stock, valued at approximately $2,950,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gabelli Funds LLC raised its stake in Tennant by 11.6% during the 1st quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company’s stock valued at $13,260,000 after acquiring an additional 20,808 shares in the last quarter. Deprince Race & Zollo Inc. increased its holdings in shares of Tennant by 16.9% during the first quarter. Deprince Race & Zollo Inc. now owns 183,084 shares of the industrial products company’s stock valued at $12,157,000 after purchasing an additional 26,410 shares during the period. Gamco Investors INC. ET AL increased its holdings in shares of Tennant by 40.5% during the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock valued at $46,905,000 after purchasing an additional 203,802 shares during the period. BlackRock Inc. bought a new stake in shares of Tennant during the second quarter valued at about $236,255,000. Finally, River Road Asset Management LLC raised its stake in shares of Tennant by 9.9% during the fourth quarter. River Road Asset Management LLC now owns 265,530 shares of the industrial products company’s stock valued at $19,570,000 after purchasing an additional 23,823 shares in the last quarter. 93.33% of the stock is owned by institutional investors.

Insider Buying and Selling at Tennant

In related news, Director Donal Mulligan purchased 8,000 shares of the company’s 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 represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Timothy Morse acquired 1,500 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were bought at an average price of $68.18 per share, with a total value of $102,270.00. Following the transaction, the director directly owned 10,614 shares in the company, valued at approximately $723,662.52. The trade was a 16.46% increase in their position. The SEC filing for this purchase provides additional information. 3.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TNC has been the topic of several research analyst reports. Weiss Ratings raised shares of Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Wall Street Zen lowered shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Zacks Research cut shares of Tennant from a “strong-buy” rating to a “strong sell” rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $91.00.

Tennant Price Performance

Shares of Tennant stock opened at $69.04 on Friday. Tennant Company has a 52 week low of $60.17 and a 52 week 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 $1.18 billion, a PE ratio of 67.68, a price-to-earnings-growth ratio of 2.64 and a beta of 1.11. The company’s 50-day moving average price is $77.75 and its two-hundred day moving average price is $77.70.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.50). Tennant had a net margin of 1.50% and a return on equity of 13.32%. The business had revenue of $324.00 million for the quarter, compared to the consensus estimate of $329.55 million. During the same quarter last year, the business posted $1.49 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. As a group, sell-side analysts anticipate that Tennant Company will post 3.85 EPS for the current fiscal year.

Tennant Dividend Announcement

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

Tennant 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.