Tennant Company (NYSE:TNC) Stock Has Consensus Target Price of $88.00 According to Analysts

Tennant Company (NYSE:TNC) has received an average recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $87.00.

A number of brokerages have commented on TNC. Zacks Research raised shares of Tennant from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 5th. UBS Group set a $85.00 target price on shares of Tennant in a research report on Thursday, November 5th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Weiss Ratings cut Tennant from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, September 11th. Finally, Freedom Broker raised Tennant from a “hold” rating to a “buy” rating and raised their price objective for the company from $77.00 to $85.00 in a research note on Thursday, November 5th.

Insider Transactions at Tennant

In other news, Director Patrick Allen acquired 3,000 shares of the company’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $69.42 per share, with a total value of $208,260.00. Following the completion of the purchase, the director directly owned 4,927 shares of the company’s stock, valued at $342,032.34. This represents a 155.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TNC. BlackRock Inc. bought a new stake in shares of Tennant in the 2nd quarter worth about $236,255,000. Gamco Investors INC. ET AL raised its position in Tennant by 40.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock worth $46,905,000 after purchasing an additional 203,802 shares during the period. Dimensional Fund Advisors LP lifted its stake in Tennant by 8.4% in the first quarter. Dimensional Fund Advisors LP now owns 634,158 shares of the industrial products company’s stock worth $42,106,000 after purchasing an additional 49,136 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Tennant during the second quarter valued at approximately $28,562,000. Finally, Gabelli Funds LLC boosted its position in shares of Tennant by 11.6% during the first quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company’s stock valued at $13,260,000 after buying an additional 20,808 shares during the period. Institutional investors own 93.33% of the company’s stock.

Tennant Trading Up 1.3%

Shares of TNC opened at $76.50 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.18 and a quick ratio of 1.46. Tennant has a 1 year low of $60.17 and a 1 year high of $91.93. The company has a 50 day simple moving average of $68.22 and a two-hundred day simple moving average of $75.70. The firm has a market cap of $1.30 billion, a P/E ratio of 57.09, a price-to-earnings-growth ratio of 2.66 and a beta of 1.14.

Tennant (NYSE:TNC) last released its earnings results on Monday, November 2nd. The industrial products company reported $1.40 EPS for the quarter, topping the consensus estimate of $0.98 by $0.42. Tennant had a net margin of 1.85% and a return on equity of 13.30%. The firm had revenue of $322.30 million for the quarter, compared to the consensus estimate of $330.75 million. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts expect that Tennant will post 4.06 earnings per share for the current fiscal year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $0.3250 per share. This represents a $1.30 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, November 30th. This is a boost from Tennant’s previous quarterly dividend of $0.31. Tennant’s payout ratio is currently 97.01%.

Tennant Company Profile

Tennant Company designs, manufactures and markets equipment and solutions for commercial and industrial cleaning. Its products include floor scrubbers and sweepers, vacuum cleaners, carpet extractors and autonomous cleaning machines, along with cleaning technologies, replacement parts and related services. The company serves customers in sectors such as manufacturing, healthcare, retail, education and transportation. Its offerings support both routine facility maintenance and specialized cleaning needs, and Tennant sells and services its products in markets around the world.