Tennant (NYSE:TNC) Stock Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• Tennant shares rose above their 200-day moving average, trading as high as $77.61 versus the average of $75.70 and last at $76.50.
• Analyst views remain mixed but lean neutral: MarketBeat reports a consensus Hold rating and an average price target of $87, while two analysts rate the stock Buy and three Hold.
• Tennant beat quarterly EPS expectations, reporting $1.40 versus $0.98 forecast, though revenue of $322.3 million missed estimates. The company also raised its quarterly dividend to $0.325 per share from $0.31.

Tennant Company (NYSE:TNC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $75.70 and traded as high as $77.61. Tennant shares last traded at $76.50, with a volume of 168,992 shares changing hands.

Analyst Ratings Changes

TNC has been the subject of a number of research analyst reports. Weiss Ratings lowered Tennant from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, September 11th. Zacks Research upgraded shares of Tennant from a "strong sell" rating to a "hold" rating in a research note on Thursday, November 5th. UBS Group set a $85.00 target price on shares of Tennant in a research report on Thursday, November 5th. Wall Street Zen raised shares of Tennant from a "hold" rating to a "buy" rating in a research report on Saturday, November 7th. Finally, Freedom Broker upgraded shares of Tennant from a "hold" rating to a "buy" rating and upped their target price for the company from $77.00 to $85.00 in a research note on Thursday, November 5th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $87.00.

Tennant Stock Performance

The company has a market capitalization of $1.30 billion, a P/E ratio of 57.09, a price-to-earnings-growth ratio of 2.66 and a beta of 1.14. The firm has a 50 day moving average price of $68.22 and a two-hundred day moving average price of $75.70. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.46 and a current ratio of 2.18.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.42. The business had revenue of $322.30 million during the quarter, compared to analysts' expectations of $330.75 million. Tennant had a return on equity of 13.30% and a net margin of 1.85%. Tennant's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 EPS. On average, research analysts expect that Tennant Company will post 4.06 earnings per share for the current fiscal year.

Tennant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a dividend of $0.3250 per share. This is an increase from Tennant's previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, November 30th. Tennant's dividend payout ratio is currently 92.54%.

Insider Activity

In related news, Director Patrick Allen acquired 3,000 shares of the business's stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $69.42 per share, with a total value of $208,260.00. Following the completion of the acquisition, the director owned 4,927 shares in the company, valued at $342,032.34. The trade was a 155.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Tennant

Several large investors have recently made changes to their positions in the company. Public Sector Pension Investment Board lifted its holdings in Tennant by 3.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 60,793 shares of the industrial products company's stock valued at $4,051,000 after purchasing an additional 2,296 shares during the last quarter. White Pine Capital LLC bought a new stake in Tennant during the third quarter worth about $2,143,000. Hantz Financial Services Inc. grew its stake in Tennant by 11.8% during the third quarter. Hantz Financial Services Inc. now owns 1,368 shares of the industrial products company's stock worth $92,000 after buying an additional 144 shares during the last quarter. Maryland State Retirement & Pension System increased its holdings in shares of Tennant by 55.0% during the third quarter. Maryland State Retirement & Pension System now owns 3,800 shares of the industrial products company's stock worth $255,000 after buying an additional 1,348 shares in the last quarter. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Tennant during the third quarter worth approximately $850,000. Institutional investors own 93.33% of the company's stock.

Tennant Company Profile

Tennant Company designs, manufactures and markets equipment and solutions for commercial and industrial cleaning. Its products include floor scrubbers and sweepers, vacuum cleaners, carpet extractors and autonomous cleaning machines, along with cleaning technologies, replacement parts and related services. The company serves customers in sectors such as manufacturing, healthcare, retail, education and transportation. Its offerings support both routine facility maintenance and specialized cleaning needs, and Tennant sells and services its products in markets around the world.

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