Tennant (NYSE:TNC) Coverage Initiated at Northcoast Research

Northcoast Research began coverage on shares of Tennant (NYSE:TNC) in a report released on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $125.00 target price on the industrial products company’s stock.

Separately, StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Performance

Shares of TNC stock opened at $80.29 on Thursday. The stock has a market cap of $1.52 billion, a PE ratio of 14.16 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a 12 month low of $79.71 and a 12 month high of $124.11. The company’s fifty day moving average price is $88.06 and its 200-day moving average price is $94.05.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. During the same quarter in the previous year, the firm earned $1.34 earnings per share. Tennant’s revenue was up 3.6% on a year-over-year basis. On average, equities analysts expect that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.295 dividend. This is an increase from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.47%. Tennant’s payout ratio is presently 20.81%.

Institutional Investors Weigh In On Tennant

Large investors have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. purchased a new stake in Tennant in the 3rd quarter worth about $3,873,000. Algert Global LLC boosted its stake in Tennant by 16.3% in the third quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock valued at $4,167,000 after acquiring an additional 6,085 shares in the last quarter. Victory Capital Management Inc. raised its stake in Tennant by 98.0% in the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock valued at $2,194,000 after buying an additional 11,034 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Tennant by 129.3% during the second quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock valued at $1,309,000 after buying an additional 7,500 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of Tennant in the second quarter worth about $1,055,000. 93.33% of the stock is owned by 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.