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

StockNews.com upgraded shares of Tennant (NYSE:TNC) from a buy rating to a strong-buy rating in a research report sent to investors on Thursday.

Tennant Price Performance

Shares of NYSE TNC opened at $91.48 on Thursday. Tennant has a twelve month low of $72.81 and a twelve month high of $124.11. The company has a market cap of $1.73 billion, a PE ratio of 15.20 and a beta of 1.00. The business’s 50 day moving average price is $98.96 and its two-hundred day moving average price is $105.70. The company has a quick ratio of 1.46, a current ratio of 2.17 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.11. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The business had revenue of $331.00 million for the quarter, compared to analysts’ expectations of $327.00 million. During the same quarter in the prior year, the business earned $1.86 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts predict that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 1.22%. Tennant’s dividend payout ratio (DPR) is currently 18.60%.

Institutional Investors Weigh In On Tennant

Several hedge funds have recently bought and sold shares of the stock. Trexquant Investment LP increased its stake in shares of Tennant by 53.1% during the fourth quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock worth $3,488,000 after purchasing an additional 13,060 shares during the period. Norges Bank acquired a new stake in shares of Tennant during the fourth quarter worth $12,193,000. Inspire Investing LLC boosted its position in shares of Tennant by 141.5% in the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock valued at $1,250,000 after acquiring an additional 6,021 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Tennant in the fourth quarter valued at about $4,930,000. Finally, Nebula Research & Development LLC bought a new position in Tennant during the fourth quarter worth about $821,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

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.