Tennant (NYSE:TNC) Hits New 52-Week High – Time to Buy?

Shares of Tennant Company (NYSE:TNC) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $89.35 and last traded at $89.3350, with a volume of 28318 shares traded. The stock had previously closed at $87.42.

Analysts Set New Price Targets

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

Tennant Price Performance

The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.67. The stock’s fifty day moving average price is $82.86 and its 200-day moving average price is $76.68. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 54.09, a P/E/G ratio of 2.44 and a beta of 1.12.

Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, May 4th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.18. Tennant had a net margin of 2.55% and a return on equity of 14.87%. The business had revenue of $297.90 million during the quarter, compared to analysts’ expectations of $289.25 million. During the same period in the previous year, the company earned $1.12 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. As a group, equities research analysts forecast that Tennant Company will post 5.12 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, May 29th. Tennant’s payout ratio is 74.70%.

Tennant declared that its Board of Directors has initiated a share repurchase program on Monday, May 4th that permits the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization permits the industrial products company to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL grew its position in Tennant by 40.5% during the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock worth $46,905,000 after buying an additional 203,802 shares during the period. Dimensional Fund Advisors LP increased its position in shares of 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 acquiring an additional 49,136 shares in the last quarter. American Century Companies Inc. grew its holdings in Tennant by 26.6% during the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock valued at $35,261,000 after purchasing an additional 91,382 shares in the last quarter. Millennium Management LLC grew its holdings in Tennant by 33.8% during the 4th quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock valued at $26,418,000 after purchasing an additional 90,611 shares in the last quarter. Finally, Vision One Management Partners LP boosted its stake in Tennant by 18.1% during the 4th quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock valued at $25,396,000 after acquiring an additional 52,721 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Company Profile

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.