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 note published on Tuesday.

Tennant Stock Performance

Shares of TNC stock opened at $108.89 on Tuesday. The company’s fifty day simple moving average is $101.13 and its 200-day simple moving average is $105.27. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. Tennant has a 52 week low of $72.81 and a 52 week high of $124.11. The company has a market cap of $2.07 billion, a PE ratio of 18.09 and a beta of 1.02.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Friday, May 3rd. The industrial products company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.36. Tennant had a return on equity of 23.16% and a net margin of 9.10%. The company had revenue of $311.00 million for the quarter, compared to analysts’ expectations of $314.10 million. As a group, equities research analysts anticipate that Tennant will post 6.56 EPS for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Friday, May 31st. Tennant’s dividend payout ratio (DPR) is 18.60%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Tennant by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock valued at $278,636,000 after buying an additional 40,711 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Tennant by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock worth $56,729,000 after acquiring an additional 14,008 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Tennant by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 231,059 shares of the industrial products company’s stock valued at $21,417,000 after purchasing an additional 4,102 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Tennant by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 193,384 shares of the industrial products company’s stock valued at $19,037,000 after purchasing an additional 4,128 shares in the last quarter. Finally, Norges Bank purchased a new stake in Tennant during the 4th quarter worth approximately $12,193,000. 93.33% of the stock is currently 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.