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

Tennant (NYSE:TNC) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.

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

Tennant Stock Up 0.3 %

Tennant stock opened at $88.94 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The firm has a 50 day moving average price of $84.11 and a 200 day moving average price of $88.92. Tennant has a fifty-two week low of $78.57 and a fifty-two week high of $124.11. The company has a market capitalization of $1.68 billion, a PE ratio of 20.31 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, beating analysts’ consensus estimates of $1.39 by $0.13. Tennant had a return on equity of 19.92% and a net margin of 6.51%. The business had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $324.00 million. Research analysts expect that Tennant will post 5.95 earnings per share for the current year.

Tennant declared that its Board of Directors has initiated a share repurchase program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Tennant

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Tennant by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock worth $195,205,000 after purchasing an additional 12,422 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Tennant by 0.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 684,156 shares of the industrial products company’s stock worth $65,707,000 after buying an additional 3,164 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tennant by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company’s stock worth $48,688,000 after acquiring an additional 9,920 shares in the last quarter. Millennium Management LLC boosted 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 acquiring an additional 272,858 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after acquiring an additional 5,862 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.