Tennant (NYSE:TNC) Coverage Initiated at Northcoast Research

Northcoast Research began coverage on shares of Tennant (NYSE:TNC - Free Report) in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $125.00 price objective on the industrial products company's stock.

Separately, StockNews.com cut Tennant from a "strong-buy" rating to a "buy" rating in a research note on Friday, November 1st.

Tennant Trading Up 1.4 %

Shares of NYSE:TNC traded up $1.13 during midday trading on Thursday, reaching $81.71. 167,018 shares of the company's stock were exchanged, compared to its average volume of 125,214. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 14.41 and a beta of 1.00. Tennant has a fifty-two week low of $80.03 and a fifty-two week high of $124.11. The firm's 50 day simple moving average is $88.54 and its two-hundred day simple moving average is $94.33. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.05). The company had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.50%. Tennant's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.34 earnings per share. As a group, sell-side analysts forecast that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $0.295 dividend. This is a positive change from Tennant's previous quarterly dividend of $0.28. The ex-dividend date was Friday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.44%. Tennant's dividend payout ratio (DPR) is presently 20.81%.

Institutional Investors Weigh In On Tennant

Several large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its position in shares of Tennant by 1.3% during the third quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company's stock worth $1,213,000 after acquiring an additional 169 shares during the period. TD Private Client Wealth LLC increased its holdings in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock worth $81,000 after purchasing an additional 255 shares during the period. Geode Capital Management LLC raised its position in Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock valued at $41,971,000 after purchasing an additional 5,862 shares in the last quarter. Barclays PLC boosted its stake in shares of Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock valued at $3,857,000 after buying an additional 27,712 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Tennant by 59.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 15,077 shares of the industrial products company's stock valued at $1,448,000 after buying an additional 5,636 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Company Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.