Needham Investment Management LLC Increases Position in Tennant Company $TNC

Needham Investment Management LLC lifted its stake in Tennant Company (NYSE:TNC) by 107.7% in the 4th quarter, Holdings Channel reports. The firm owned 67,500 shares of the industrial products company’s stock after purchasing an additional 35,000 shares during the quarter. Needham Investment Management LLC’s holdings in Tennant were worth $4,975,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TNC. American Century Companies Inc. lifted its position in shares of Tennant by 26.6% during the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock valued at $35,261,000 after acquiring an additional 91,382 shares during the period. Comerica Bank grew its holdings in shares of Tennant by 106.5% in the 4th quarter. Comerica Bank now owns 25,379 shares of the industrial products company’s stock worth $1,870,000 after acquiring an additional 13,089 shares during the period. Deprince Race & Zollo Inc. grew its holdings in shares of Tennant by 15.9% in the 4th 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 period. Kopion Asset Management LLC increased its stake in Tennant by 40.6% in the 4th quarter. Kopion Asset Management LLC now owns 123,037 shares of the industrial products company’s stock valued at $9,068,000 after purchasing an additional 35,531 shares in the last quarter. Finally, Lightrock Netherlands B.V. increased its stake in Tennant by 7.2% in the 4th quarter. Lightrock Netherlands B.V. now owns 148,526 shares of the industrial products company’s stock valued at $10,946,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on TNC. Zacks Research upgraded Tennant from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Weiss Ratings raised Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. Roth Mkm reiterated a “buy” rating and issued a $91.00 price objective (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Freedom Capital downgraded shares of Tennant from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.00.

Tennant Trading Down 0.3%

Tennant stock opened at $86.60 on Tuesday. The stock has a 50-day moving average price of $82.20 and a 200 day moving average price of $76.50. Tennant Company has a 52 week low of $60.17 and a 52 week high of $88.86. The stock has a market cap of $1.48 billion, a PE ratio of 52.17, a P/E/G ratio of 2.42 and a beta of 1.12. 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 (NYSE:TNC) last released its quarterly 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 company had revenue of $297.90 million for the quarter, compared to analysts’ expectations of $289.25 million. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $1.12 EPS. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. Equities research analysts predict that Tennant Company will post 5.12 earnings per share for the current fiscal year.

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

Tennant Announces Dividend

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

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.