Roth Capital Initiates Coverage on Tennant (NYSE:TNC)

Key Points

• Roth Capital has initiated coverage on Tennant (NYSE:TNC) with a "buy" rating and a price target of $102.00, indicating a potential upside of 24.01% from the current stock price.
• The consensus rating for Tennant is a "Moderate Buy" with an average price target of $113.50, as assessed by multiple analysts, including upgrades from Weiss Ratings and Wall Street Zen.
• Tennant recently reported earnings of $1.49 per share, missing estimates and reflecting a 3.7% year-over-year revenue decline, with a current market capitalization of $1.52 billion.

Research analysts at Roth Capital initiated coverage on shares of Tennant (NYSE:TNC - Get Free Report) in a research report issued to clients and investors on Friday. The firm set a "buy" rating and a $102.00 price target on the industrial products company's stock. Roth Capital's price target would suggest a potential upside of 24.01% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reissued a "hold (c)" rating on shares of Tennant in a report on Tuesday, October 14th. Wall Street Zen upgraded shares of Tennant from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Finally, Zacks Research upgraded shares of Tennant to a "hold" rating in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $113.50.

Tennant Price Performance

Shares of Tennant stock traded up $1.86 on Friday, hitting $82.25. The company's stock had a trading volume of 1,648 shares, compared to its average volume of 141,283. The company has a quick ratio of 1.38, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $81.39 and a 200-day moving average price of $78.14. Tennant has a 52-week low of $67.32 and a 52-week high of $94.86. The company has a market capitalization of $1.52 billion, a P/E ratio of 25.62, a price-to-earnings-growth ratio of 1.74 and a beta of 1.06.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.14). Tennant had a net margin of 4.84% and a return on equity of 16.41%. The business had revenue of $318.60 million during the quarter, compared to analysts' expectations of $327.20 million. During the same period last year, the company earned $1.83 EPS. The firm's revenue for the quarter was down 3.7% on a year-over-year basis. On average, equities research analysts expect that Tennant will post 5.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tennant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNC. Salomon & Ludwin LLC acquired a new stake in shares of Tennant during the third quarter valued at about $28,000. CoreCap Advisors LLC acquired a new stake in Tennant during the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC raised its position in shares of Tennant by 429.0% in the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 399 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of Tennant during the 1st quarter valued at approximately $59,000. Finally, Alta Fox Capital Management LLC acquired a new stake in shares of Tennant during the first quarter worth approximately $73,000. 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.

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