Tennant (NYSE:TNC) Coverage Initiated by Analysts at Sidoti

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Sidoti started coverage on shares of Tennant (NYSE:TNC) in a research report report published on Monday, The Fly reports. The brokerage issued a buy rating on the industrial products company’s stock.

TNC has been the topic of several other reports. Dougherty & Co reissued a buy rating on shares of Tennant in a research report on Friday, November 22nd. ValuEngine lowered shares of Tennant from a buy rating to a hold rating in a research report on Wednesday, September 25th. Finally, Zacks Investment Research cut shares of Tennant from a buy rating to a hold rating in a research note on Sunday, November 3rd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Tennant has a consensus rating of Buy and a consensus price target of $77.00.

Shares of TNC opened at $74.63 on Monday. The firm has a fifty day simple moving average of $73.68 and a two-hundred day simple moving average of $67.36. The firm has a market cap of $1.36 billion, a PE ratio of 34.23, a P/E/G ratio of 2.63 and a beta of 1.23. The company has a current ratio of 1.78, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Tennant has a 1-year low of $48.97 and a 1-year high of $79.63.

Tennant (NYSE:TNC) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.18. The firm had revenue of $280.70 million for the quarter, compared to the consensus estimate of $285.90 million. Tennant had a return on equity of 15.75% and a net margin of 3.77%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the business posted $0.54 EPS. As a group, research analysts forecast that Tennant will post 2.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.22 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.88 annualized dividend and a yield of 1.18%. Tennant’s payout ratio is presently 40.37%.

In other Tennant news, SVP David W. Huml sold 424 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $70.10, for a total transaction of $29,722.40. Following the completion of the sale, the senior vice president now owns 13,385 shares of the company’s stock, valued at $938,288.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chris Killingstad sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $70.00, for a total value of $455,000.00. Following the sale, the chief executive officer now directly owns 159,308 shares of the company’s stock, valued at approximately $11,151,560. The disclosure for this sale can be found here. Insiders sold 46,392 shares of company stock worth $3,413,234 over the last quarter. Insiders own 5.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of TNC. Oppenheimer Asset Management Inc. purchased a new stake in Tennant in the 3rd quarter worth approximately $30,000. Tower Research Capital LLC TRC boosted its position in shares of Tennant by 237.0% in the second quarter. Tower Research Capital LLC TRC now owns 674 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 474 shares during the period. Royal Bank of Canada boosted its position in shares of Tennant by 264.7% in the second quarter. Royal Bank of Canada now owns 755 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 548 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Tennant in the second quarter worth $71,000. Finally, Stonebridge Capital Advisors LLC purchased a new stake in shares of Tennant in the second quarter worth $104,000. 85.80% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Company Profile

Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.

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