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

Tennant Company (NYSE:TNC) has been given a consensus rating of “Hold” by the five research firms that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $87.00.

Several equities research analysts have recently weighed in on the stock. Freedom Broker raised shares of Tennant from a “hold” rating to a “buy” rating and increased their target price for the company from $77.00 to $85.00 in a research note on Thursday, November 5th. Wall Street Zen raised shares of Tennant from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings downgraded shares of Tennant from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, September 11th. Zacks Research upgraded shares of Tennant from a “strong sell” rating to a “hold” rating in a report on Thursday, November 5th. Finally, UBS Group set a $85.00 price objective on shares of Tennant in a research report on Thursday.

Tennant Trading Up 4.4%

Shares of NYSE TNC opened at $74.64 on Thursday. The business’s 50 day moving average is $67.97 and its two-hundred day moving average is $75.72. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.18 and a quick ratio of 1.37. Tennant has a 1-year low of $60.17 and a 1-year high of $91.93. The stock has a market capitalization of $1.27 billion, a P/E ratio of 55.71, a PEG ratio of 2.63 and a beta of 1.14.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, November 2nd. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.42. The business had revenue of $322.30 million during the quarter, compared to analyst estimates of $330.75 million. Tennant had a return on equity of 13.30% and a net margin of 1.85%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the company earned $1.46 EPS. As a group, research analysts expect that Tennant will post 4.07 EPS for the current year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be issued a $0.3250 dividend. The ex-dividend date is Monday, November 30th. This is a positive change from Tennant’s previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a dividend yield of 1.7%. Tennant’s dividend payout ratio (DPR) is currently 92.54%.

Insider Transactions at Tennant

In other Tennant news, Director Donal L. Mulligan acquired 8,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $67.34 per share, with a total value of $538,720.00. Following the transaction, the director directly owned 16,000 shares of the company’s stock, valued at $1,077,440. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Timothy R. Morse bought 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $68.18 per share, with a total value of $102,270.00. Following the completion of the transaction, the director owned 10,614 shares of the company’s stock, valued at approximately $723,662.52. The trade was a 16.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 12,500 shares of company stock worth $849,250. 3.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TNC. BlackRock Inc. bought a new position in Tennant in the 2nd quarter worth about $236,255,000. Gamco Investors INC. ET AL boosted its holdings in shares of Tennant by 40.5% in the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock valued at $46,905,000 after purchasing an additional 203,802 shares during the period. Dimensional Fund Advisors LP grew 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 in the last quarter. Bank of New York Mellon Corp grew its stake in Tennant by 27.3% in the first quarter. Bank of New York Mellon Corp now owns 333,187 shares of the industrial products company’s stock worth $22,124,000 after purchasing an additional 71,437 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake 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 purchasing an additional 20,808 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

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.

Founded in 1870 in Minneapolis, Minnesota, Tennant began as a woodworking business before expanding into floor-cleaning equipment.