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 research note issued on Wednesday.

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

Tennant Price Performance

NYSE TNC traded up $2.71 during midday trading on Wednesday, hitting $88.73. The company had a trading volume of 733,184 shares, compared to its average volume of 170,078. The company has a market capitalization of $1.67 billion, a PE ratio of 15.65 and a beta of 1.01. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $84.02 and a 200-day moving average price of $88.92. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11.

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

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

Institutional Investors Weigh In On Tennant

Hedge funds and other institutional investors have recently bought and sold shares of the company. 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 worth $28,000 after acquiring an additional 301 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Tennant in the 4th quarter valued at about $59,000. KBC Group NV grew its position in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company’s stock valued at $78,000 after buying an additional 394 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in shares of Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after buying an additional 255 shares during the last quarter. Institutional investors own 93.33% of the company’s stock.

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.