StockNews.com upgraded shares of Tennant (NYSE:TNC – Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday morning.
Tennant Stock Performance
NYSE:TNC opened at $108.89 on Tuesday. Tennant has a twelve month low of $72.81 and a twelve month high of $124.11. The company has a market cap of $2.07 billion, a P/E ratio of 18.09 and a beta of 1.02. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $101.13 and its 200-day moving average price is $105.27.
Tennant (NYSE:TNC – Get Free Report) last issued its earnings results on Friday, May 3rd. The industrial products company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.36. The business had revenue of $311.00 million for the quarter, compared to analysts’ expectations of $314.10 million. Tennant had a return on equity of 23.16% and a net margin of 9.10%. On average, sell-side analysts forecast that Tennant will post 6.56 earnings per share for the current fiscal year.
Tennant Announces Dividend
Institutional Investors Weigh In On Tennant
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 40,711 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Tennant by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock valued at $56,729,000 after buying an additional 14,008 shares during the period. Charles Schwab Investment Management Inc. lifted 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 acquiring an additional 4,102 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Tennant by 2.2% in 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 during the last quarter. Finally, Norges Bank purchased a new position in Tennant during the fourth quarter worth about $12,193,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.
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.
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