StockNews.com Lowers Tennant (NYSE:TNC) to Buy

StockNews.com cut shares of Tennant (NYSE:TNC) from a strong-buy rating to a buy rating in a research note published on Saturday morning.

Tennant Stock Up 0.1 %

Shares of TNC opened at $94.13 on Friday. Tennant has a 12-month low of $72.81 and a 12-month high of $124.11. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.79 billion, a PE ratio of 15.64 and a beta of 1.02. The business’s 50 day moving average is $99.76 and its 200 day moving average is $106.14.

Tennant (NYSE:TNC) last released its earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.72 by $0.11. The firm had revenue of $331.00 million for the quarter, compared to the consensus estimate of $327.00 million. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.86 earnings per share. Research analysts expect that Tennant will post 6.48 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.19%. Tennant’s payout ratio is 18.60%.

Institutional Investors Weigh In On Tennant

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 worth $278,636,000 after acquiring an additional 40,711 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Tennant by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock valued at $56,729,000 after purchasing an additional 14,008 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Tennant by 1.8% during 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 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 worth $19,037,000 after buying an additional 4,128 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Tennant by 79.8% during the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after buying an additional 67,080 shares in the last quarter. 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.