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

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

Wall Street Analyst Weigh In

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

Tennant Stock Performance

The business has a fifty day simple moving average of $82.86 and a two-hundred day simple moving average of $76.68. 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 company has a market cap of $1.53 billion, a PE ratio of 54.09, a price-to-earnings-growth ratio of 2.44 and a beta of 1.12.

Tennant (NYSE:TNC) last issued its quarterly 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. Tennant had a return on equity of 14.87% and a net margin of 2.55%.The business had revenue of $297.90 million for the quarter, compared to the consensus estimate of $289.25 million. During the same period in the prior year, the firm posted $1.12 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 4.700-5.300 EPS. Research analysts anticipate that Tennant Company will post 5.12 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, May 29th. Tennant’s dividend payout ratio is presently 74.70%.

Tennant declared that its Board of Directors has initiated a stock buyback plan on Monday, May 4th that authorizes the company to repurchase 2,000,000,000,000 shares. This repurchase authorization authorizes the industrial products company to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Tennant

Several hedge funds and other institutional investors have recently bought and sold shares of TNC. Comerica Bank raised its position in Tennant by 1.2% during the third quarter. Comerica Bank now owns 12,290 shares of the industrial products company’s stock valued at $996,000 after acquiring an additional 144 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Tennant by 2.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 6,115 shares of the industrial products company’s stock valued at $451,000 after acquiring an additional 148 shares in the last quarter. Hantz Financial Services Inc. raised its position in Tennant by 85.1% during the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 177 shares in the last quarter. Swiss National Bank raised its position in Tennant by 0.6% during the third quarter. Swiss National Bank now owns 34,300 shares of the industrial products company’s stock valued at $2,780,000 after acquiring an additional 200 shares in the last quarter. Finally, First Affirmative Financial Network raised its position in Tennant by 7.2% during the third quarter. First Affirmative Financial Network now owns 3,270 shares of the industrial products company’s stock valued at $265,000 after acquiring an additional 220 shares in the last quarter. 93.33% of the stock is 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.