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 assumed coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 target price for the company.

Tennant Stock Up 3.2 %

Shares of NYSE TNC traded up $2.71 during mid-day trading on Wednesday, reaching $88.73. 733,184 shares of the company’s stock were exchanged, compared to its average volume of 170,078. The firm has a market capitalization of $1.67 billion, a price-to-earnings 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 business has a fifty day simple moving average of $84.02 and a 200 day simple moving average of $88.92. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11.

Tennant (NYSE:TNC) last posted its quarterly earnings data 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. The business had revenue of $328.90 million during the quarter, compared to the consensus estimate of $324.00 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. As a group, equities analysts expect that Tennant will post 6.43 EPS for the current fiscal year.

Tennant announced that its board has authorized a stock buyback program on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Tennant

Hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings 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 purchasing an additional 301 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings 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 worth $51,000 after purchasing an additional 241 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Tennant in the 4th quarter valued at $59,000. TD Private Client Wealth LLC raised its holdings in 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 acquiring an additional 255 shares in the last quarter. Finally, KBC Group NV raised its holdings in 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 acquiring an additional 394 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

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.