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

Tennant Company (NYSE:TNC)’s share price hit a new 52-week high on Thursday . The company traded as high as $91.93 and last traded at $90.6890, with a volume of 26866 shares changing hands. The stock had previously closed at $88.77.

Analyst Upgrades and Downgrades

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

Tennant Trading Up 2.2%

The company has a debt-to-equity ratio of 0.67, a current ratio of 2.12 and a quick ratio of 1.41. The business’s 50 day simple moving average is $84.19 and its 200 day simple moving average is $77.26. The stock has a market cap of $1.55 billion, a P/E ratio of 54.64, a PEG ratio of 2.47 and a beta of 1.12.

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

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.4%. Tennant’s dividend payout ratio (DPR) is presently 74.70%.

Tennant declared that its Board of Directors has initiated a share buyback plan 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 repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Tennant

Hedge funds have recently made changes to their positions in the company. Gamco Investors INC. ET AL lifted its holdings in Tennant by 40.5% during 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 purchasing an additional 203,802 shares during the last quarter. Vision One Management Partners LP raised its stake in shares of Tennant by 63.1% in the third quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock valued at $23,212,000 after acquiring an additional 112,873 shares during the last quarter. American Century Companies Inc. raised its stake 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 last quarter. Millennium Management LLC grew its position in Tennant by 33.8% during the 4th quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock worth $26,418,000 after acquiring an additional 90,611 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Tennant by 27.3% in the 1st quarter. Bank of New York Mellon Corp now owns 333,187 shares of the industrial products company’s stock valued at $22,124,000 after purchasing an additional 71,437 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

About Tennant

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.