Tennant (NYSE:TNC) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Tennant Company (NYSE:TNC) shares crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $75.70 and traded as high as $77.61. Tennant shares last traded at $76.50, with a volume of 168,992 shares.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TNC. UBS Group set a $85.00 price target on Tennant in a report on Thursday, November 5th. Zacks Research raised Tennant from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 5th. Weiss Ratings cut Tennant from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 11th. Freedom Broker upgraded Tennant from a “hold” rating to a “buy” rating and lifted their target price for the company from $77.00 to $85.00 in a research note on Thursday, November 5th. Finally, Wall Street Zen upgraded Tennant from a “hold” rating to a “buy” rating in a research note on Saturday, November 7th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Tennant currently has a consensus rating of “Hold” and an average target price of $87.00.

Tennant Stock Performance

The company has a market cap of $1.27 billion, a PE ratio of 55.74, a P/E/G ratio of 2.69 and a beta of 1.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.46 and a current ratio of 2.18. The stock’s 50-day simple moving average is $68.31 and its 200 day simple moving average is $75.69.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, beating 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 business 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 business’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, equities analysts anticipate that Tennant Company will post 4.06 EPS for the current year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a $0.3250 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $1.30 dividend on an annualized basis and a yield of 1.7%. This is a boost from Tennant’s previous quarterly dividend of $0.31. Tennant’s dividend payout ratio is presently 92.54%.

Insider Transactions at Tennant

In other Tennant news, Director Patrick Allen bought 3,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were bought at an average price of $69.42 per share, for a total transaction of $208,260.00. Following the transaction, the director owned 4,927 shares of the company’s stock, valued at approximately $342,032.34. This trade represents a 155.68% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.50% of the company’s stock.

Institutional Trading of Tennant

Several hedge funds have recently modified their holdings of TNC. Bank of America Corp DE purchased a new stake in shares of Tennant in the second quarter valued at approximately $6,178,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Tennant during the second quarter worth $2,950,000. Gabelli Funds LLC raised its position in Tennant by 11.6% in the first quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company’s stock worth $13,260,000 after acquiring an additional 20,808 shares in the last quarter. WINTON GROUP Ltd raised its position in Tennant by 181.7% in the second quarter. WINTON GROUP Ltd now owns 41,389 shares of the industrial products company’s stock worth $3,623,000 after acquiring an additional 26,697 shares in the last quarter. Finally, Kopion Asset Management LLC raised its position in Tennant by 22.1% in the third quarter. Kopion Asset Management LLC now owns 121,980 shares of the industrial products company’s stock worth $8,199,000 after acquiring an additional 22,102 shares in the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

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.