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 report issued on Wednesday.

Separately, Northcoast Research initiated coverage on Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 price target for the company.

Tennant Price Performance

Shares of NYSE TNC opened at $88.73 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 15.65 and a beta of 1.01. The firm’s 50 day simple moving average is $84.02 and its 200-day simple moving average is $88.92. Tennant has a 12 month low of $78.57 and a 12 month high of $124.11.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.13. Tennant had a net margin of 8.52% and a return on equity of 21.50%. The firm had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. Analysts expect that Tennant will post 6.43 EPS for the current year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.33%. Tennant’s dividend payout ratio is currently 20.81%.

Tennant declared that its board has authorized a share buyback program on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Tennant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in shares of Tennant by 143.6% during the 4th quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company’s stock worth $37,735,000 after purchasing an additional 272,858 shares during the last quarter. Norges Bank purchased a new stake in Tennant during the 4th quarter worth approximately $10,417,000. Deprince Race & Zollo Inc. acquired a new position in shares of Tennant during the fourth quarter valued at approximately $10,390,000. Vision One Management Partners LP purchased a new position in shares of Tennant in the fourth quarter valued at approximately $9,262,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Tennant by 82.1% in the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after acquiring an additional 105,319 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.