Tennant (NYSE:TNC) Coverage Initiated at Northcoast Research

Northcoast Research assumed coverage on shares of Tennant (NYSE:TNC) in a note issued to investors on Thursday,Benzinga reports. The firm set a “buy” rating and a $125.00 price target on the industrial products company’s stock. Northcoast Research’s target price would indicate a potential upside of 55.13% from the company’s previous close.

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Price Performance

Shares of NYSE TNC opened at $80.58 on Thursday. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 14.21 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. Tennant has a fifty-two week low of $80.03 and a fifty-two week high of $124.11. The firm’s 50-day simple moving average is $88.54 and its 200 day simple moving average is $94.33.

Tennant (NYSE:TNC) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The company had revenue of $315.80 million during the quarter, compared to the consensus estimate of $319.40 million. During the same quarter in the prior year, the business earned $1.34 EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Tennant will post 6.43 earnings per share for the current fiscal year.

Institutional Trading of Tennant

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC grew its stake in Tennant by 290.9% in the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 288 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in Tennant during the second quarter worth about $58,000. Point72 DIFC Ltd bought a new stake in Tennant in the second quarter worth about $71,000. Finally, nVerses Capital LLC purchased a new position in Tennant in the third quarter valued at about $77,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

About Tennant

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.