Tennant (NYSE:TNC) Reaches New 52-Week High – Here’s Why

Tennant Company (NYSE:TNC) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $91.93 and last traded at $90.6890, with a volume of 26866 shares. The stock had previously closed at $88.77.

Analyst Ratings Changes

A number of analysts have commented on the stock. Roth Mkm reaffirmed a “buy” rating and set a $91.00 price objective (down from $107.00) on shares of Tennant in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Zacks Research upgraded shares of Tennant from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Freedom Capital downgraded shares of Tennant from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Finally, Weiss Ratings raised shares of Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.

Tennant Trading Up 2.2%

The company has a quick ratio of 1.41, a current ratio of 2.12 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average of $84.19 and a 200-day moving average of $77.26. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 54.64, a PEG ratio of 2.47 and a beta of 1.12.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.18. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The firm had revenue of $297.90 million for the quarter, compared to the consensus estimate of $289.25 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. As a group, research analysts forecast that Tennant Company will post 5.12 earnings per share for the current year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, May 29th. Tennant’s dividend payout ratio is 74.70%.

Tennant announced that its Board of Directors has initiated a share repurchase program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 shares. This buyback authorization authorizes the industrial products company to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Tennant

Institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL grew its holdings 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 valued at $46,905,000 after buying an additional 203,802 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tennant by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 634,158 shares of the industrial products company’s stock worth $42,106,000 after buying an additional 49,136 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Tennant by 26.6% in the third quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock valued at $35,261,000 after acquiring an additional 91,382 shares during the period. Millennium Management LLC boosted its position in shares of Tennant by 33.8% in the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock valued at $26,418,000 after acquiring an additional 90,611 shares during the period. Finally, Vision One Management Partners LP grew its stake in shares of Tennant by 18.1% in the fourth quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock worth $25,396,000 after acquiring an additional 52,721 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.