Prudential Financial Inc. Reduces Holdings in Tennant Company $TNC

Prudential Financial Inc. decreased its position in shares of Tennant Company (NYSE:TNC) by 5.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 203,628 shares of the industrial products company’s stock after selling 11,394 shares during the quarter. Prudential Financial Inc. owned approximately 1.10% of Tennant worth $15,777,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Banque Transatlantique SA purchased a new position in Tennant during the 1st quarter worth approximately $59,000. Alta Fox Capital Management LLC acquired a new stake in shares of Tennant in the first quarter valued at approximately $73,000. CWM LLC grew its position in shares of Tennant by 137.0% during the first quarter. CWM LLC now owns 1,519 shares of the industrial products company’s stock worth $121,000 after acquiring an additional 878 shares during the last quarter. AlphaQuest LLC increased its holdings in shares of 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 acquiring an additional 2,163 shares during the period. Finally, Savant Capital LLC purchased a new stake in Tennant in the 2nd quarter valued at $228,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TNC has been the topic of several research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a research report on Monday. Zacks Research raised Tennant to a “hold” rating in a report on Tuesday, August 12th. Roth Capital assumed coverage on Tennant in a research report on Friday, October 24th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Tennant has an average rating of “Moderate Buy” and an average price target of $113.50.

Tennant Stock Up 0.7%

Shares of NYSE TNC opened at $74.15 on Thursday. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 23.10, a price-to-earnings-growth ratio of 1.74 and a beta of 1.07. Tennant Company has a 52 week low of $67.32 and a 52 week high of $90.44. The firm has a 50-day moving average price of $77.98 and a 200 day moving average price of $78.87. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 3rd. The industrial products company reported $1.46 earnings per share 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 previous year, the company posted $1.39 earnings per share. The company’s quarterly 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. Equities research analysts anticipate that Tennant Company will post 5.89 EPS for the current fiscal year.

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 28th. This is an increase from Tennant’s previous quarterly dividend of $0.30. 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.