Peregrine Capital Management LLC Grows Position in Tennant Company $TNC

Peregrine Capital Management LLC raised its stake in shares of Tennant Company (NYSE:TNC) by 15.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,485 shares of the industrial products company’s stock after purchasing an additional 8,847 shares during the period. Peregrine Capital Management LLC owned 0.35% of Tennant worth $5,227,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Tennant by 6.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,789 shares of the industrial products company’s stock valued at $371,000 after buying an additional 273 shares during the period. California State Teachers Retirement System boosted its holdings in Tennant by 1.9% in the second quarter. California State Teachers Retirement System now owns 16,650 shares of the industrial products company’s stock valued at $1,290,000 after acquiring an additional 306 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Tennant during the third quarter valued at about $28,000. Police & Firemen s Retirement System of New Jersey grew its position in Tennant by 8.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,451 shares of the industrial products company’s stock valued at $345,000 after acquiring an additional 355 shares during the period. Finally, CoreCap Advisors LLC acquired a new stake in Tennant during the third quarter worth about $30,000. Institutional investors and hedge funds own 93.33% of the company’s stock.

Wall Street Analyst Weigh In

TNC has been the topic of several research analyst reports. Wall Street Zen raised Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Roth Capital started coverage on shares of Tennant in a report on Friday, October 24th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tennant in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Tennant presently has a consensus rating of “Hold” and an average target price of $102.00.

Tennant Stock Performance

Tennant stock opened at $78.39 on Friday. The firm has a market capitalization of $1.42 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05. Tennant Company has a one year low of $67.32 and a one year high of $90.44. The stock’s 50 day moving average price is $74.27 and its 200 day moving average price is $78.87. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.39 and a current ratio of 2.13.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, November 3rd. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.03). Tennant had a net margin of 4.42% and a return on equity of 16.55%. The firm had revenue of $303.30 million for the quarter, compared to analysts’ expectations of $306.90 million. During the same quarter in the prior year, the business earned $1.39 EPS. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. Tennant has set its FY 2025 guidance at 5.700-6.200 EPS. As a group, sell-side analysts expect 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 was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.31 dividend. The ex-dividend date was Friday, November 28th. This represents a $1.24 dividend on an annualized basis and a yield of 1.6%. This is an increase from Tennant’s previous quarterly dividend of $0.30. Tennant’s dividend payout ratio (DPR) is presently 42.47%.

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.