Tennant (NYSE:TNC) Upgraded at StockNews.com

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

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

Tennant Trading Down 2.5 %

NYSE:TNC opened at $86.96 on Wednesday. The company has a fifty day moving average of $84.11 and a 200 day moving average of $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 firm has a market capitalization of $1.64 billion, a P/E ratio of 19.85 and a beta of 1.01.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. On average, research analysts predict that Tennant will post 5.95 earnings per share for the current year.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.36%. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Tennant declared that its Board of Directors has approved a stock buyback program on Thursday, February 13th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Tennant

A number of hedge funds and other institutional investors have recently modified their holdings of TNC. Sterling Capital Management LLC grew its position in Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 301 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in Tennant by 84.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 241 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Tennant during the 4th quarter valued at about $59,000. KBC Group NV grew its position in Tennant by 69.5% during the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after purchasing an additional 394 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $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.

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.