Shares of Tennant Co. (NYSE:TNC) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company. Three research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $33.61.
Several analysts have recently weighed in on the company. Zacks Investment Research raised Tennant from a “hold” rating to a “strong-buy” rating and set a $73.00 target price for the company in a report on Thursday, July 28th. TheStreet raised Tennant from a “hold” rating to a “buy” rating in a report on Tuesday, July 26th. Jefferies Group boosted their price target on Tennant from $54.00 to $56.00 and gave the company a “hold” rating in a research report on Friday, July 29th. Finally, National Bank Financial cut Tennant from an “outperform” rating to a “sector perform” rating in a research report on Thursday, July 7th.
In other Tennant news, CFO Thomas Paulson sold 15,304 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $62.00, for a total transaction of $948,848.00. Following the transaction, the chief financial officer now owns 43,313 shares in the company, valued at approximately $2,685,406. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Heidi M. Wilson sold 12,158 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total value of $774,221.44. Following the transaction, the senior vice president now owns 24,541 shares in the company, valued at approximately $1,562,770.88. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TNC. Barclays PLC boosted its position in Tennant by 1,114.5% in the second quarter. Barclays PLC now owns 2,004 shares of the company’s stock valued at $108,000 after buying an additional 1,839 shares during the last quarter. PineBridge Investments L.P. boosted its position in Tennant by 6.9% in the second quarter. PineBridge Investments L.P. now owns 2,241 shares of the company’s stock valued at $121,000 after buying an additional 144 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Tennant by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,381 shares of the company’s stock valued at $128,000 after buying an additional 285 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Tennant during the second quarter valued at about $186,000. Finally, AQR Capital Management LLC acquired a new position in Tennant during the second quarter valued at about $203,000. Institutional investors own 86.34% of the company’s stock.
Tennant (NYSE:TNC) opened at 64.84 on Friday. The stock has a 50 day moving average price of $63.91 and a 200 day moving average price of $56.54. The stock has a market cap of $1.14 billion, a P/E ratio of 36.59 and a beta of 1.07. Tennant has a 52-week low of $45.92 and a 52-week high of $66.54.
Tennant (NYSE:TNC) last posted its earnings results on Tuesday, July 26th. The company reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.13. Tennant had a return on equity of 18.52% and a net margin of 3.97%. The business earned $216.80 million during the quarter, compared to the consensus estimate of $210.61 million. During the same period in the previous year, the business earned $0.79 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Tennant will post $2.50 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Monday, August 29th. Tennant’s payout ratio is 44.94%.
Tennant Company Profile
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
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