Tennant (NYSE:TNC) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Tennant (NYSE:TNC) from a buy rating to a strong-buy rating in a report issued on Wednesday morning.

Separately, Northcoast Research started coverage on shares of Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 target price on the stock.

Tennant Stock Performance

Shares of NYSE TNC opened at $86.96 on Wednesday. The firm’s 50-day moving average price is $84.11 and its 200-day moving average price is $88.92. Tennant has a 52-week low of $78.57 and a 52-week high of $124.11. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.64 billion, a PE ratio of 19.85 and a beta of 1.01.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. As a group, analysts anticipate that Tennant will post 5.95 EPS for the current year.

Tennant declared that its board has authorized a share repurchase plan on Thursday, February 13th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Friday, February 28th. Tennant’s payout ratio is currently 26.94%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TNC. Sterling Capital Management LLC boosted its stake in Tennant by 668.9% during the fourth quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock worth $28,000 after buying an additional 301 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after buying an additional 241 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Tennant during the fourth quarter worth $59,000. KBC Group NV lifted its position in shares of Tennant by 69.5% during the fourth quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock worth $78,000 after purchasing an additional 394 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its position in shares of Tennant by 43.7% during the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 255 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Company Profile

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.