OP Asset Management Ltd Purchases Shares of 29,688 Tennant Company $TNC

OP Asset Management Ltd purchased a new position in shares of Tennant Company (NYSE:TNC) during the first quarter, Holdings Channel.com reports. The firm purchased 29,688 shares of the industrial products company’s stock, valued at approximately $1,971,000.

Other large investors also recently modified their holdings of the company. Vision One Management Partners LP increased its stake in shares of Tennant by 63.1% in the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock valued at $23,212,000 after acquiring an additional 112,873 shares in the last quarter. American Century Companies Inc. boosted its stake in Tennant by 26.6% during the third quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock worth $35,261,000 after acquiring an additional 91,382 shares in the last quarter. Millennium Management LLC grew its holdings in Tennant by 33.8% in the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock worth $26,418,000 after purchasing an additional 90,611 shares during the period. Jane Street Group LLC grew its holdings in Tennant by 158.4% in the fourth quarter. Jane Street Group LLC now owns 94,461 shares of the industrial products company’s stock worth $6,962,000 after purchasing an additional 57,907 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Tennant by 116.3% in the fourth quarter. Renaissance Technologies LLC now owns 76,900 shares of the industrial products company’s stock valued at $5,668,000 after purchasing an additional 41,342 shares in the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

Tennant Stock Performance

Shares of TNC stock opened at $90.72 on Monday. The firm has a market capitalization of $1.55 billion, a PE ratio of 54.65, a price-to-earnings-growth ratio of 2.54 and a beta of 1.12. The firm has a fifty day simple moving average of $84.69 and a two-hundred day simple moving average of $77.50. The company has a current ratio of 2.12, a quick ratio of 1.41 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 $91.93.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.18. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The firm had revenue of $297.90 million for the quarter, compared to analyst estimates of $289.25 million. During the same period last year, the firm earned $1.12 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. Analysts forecast that Tennant Company will post 5.12 EPS for the current fiscal year.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, May 29th. Tennant’s dividend payout ratio is currently 74.70%.

Tennant announced that its Board of Directors has approved a share repurchase program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 shares. This buyback authorization authorizes the industrial products company to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

TNC has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Zacks Research upgraded Tennant from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tennant has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.

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.