Tennant (TNC) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Tennant (NYSE:TNC) from a hold rating to a buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $71.00 price target on the industrial products company’s stock.

According to Zacks, “Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. “

Tennant stock traded up $0.19 during mid-day trading on Wednesday, reaching $63.39. The company had a trading volume of 56,825 shares, compared to its average volume of 76,759. Tennant has a 1 year low of $48.97 and a 1 year high of $86.03. The company has a current ratio of 1.88, a quick ratio of 1.25 and a debt-to-equity ratio of 1.04. The stock has a market cap of $1.17 billion, a PE ratio of 29.73, a price-to-earnings-growth ratio of 2.71 and a beta of 1.07.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, February 21st. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.06. Tennant had a net margin of 2.97% and a return on equity of 13.01%. The company had revenue of $285.20 million during the quarter, compared to analysts’ expectations of $285.25 million. During the same period last year, the company posted $0.34 earnings per share. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Tennant will post 2.4 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.88 annualized dividend and a dividend yield of 1.39%. Tennant’s dividend payout ratio is presently 40.37%.

Several hedge funds have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans grew its position in shares of Tennant by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,849 shares of the industrial products company’s stock valued at $670,000 after purchasing an additional 282 shares during the last quarter. Texas Permanent School Fund grew its position in shares of Tennant by 4.3% in the fourth quarter. Texas Permanent School Fund now owns 11,861 shares of the industrial products company’s stock valued at $618,000 after purchasing an additional 489 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in shares of Tennant in the fourth quarter valued at approximately $26,000. Dorsey & Whitney Trust CO LLC grew its position in shares of Tennant by 2.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 25,516 shares of the industrial products company’s stock valued at $1,330,000 after purchasing an additional 499 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Tennant by 1.4% in the fourth quarter. Legal & General Group Plc now owns 42,384 shares of the industrial products company’s stock valued at $2,197,000 after purchasing an additional 590 shares during the last quarter. Institutional investors and hedge funds own 85.01% of the company’s stock.

Tennant Company Profile

Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.

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