Tennant (NYSE:TNC) Shares Pass Above 200 Day Moving Average – Here’s Why

Tennant Company (NYSE:TNC)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $78.56 and traded as high as $81.40. Tennant shares last traded at $81.38, with a volume of 105,099 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TNC shares. Weiss Ratings reissued a “hold (c)” rating on shares of Tennant in a report on Monday, December 29th. Roth Mkm initiated coverage on shares of Tennant in a research note on Friday, October 24th. They issued a “buy” rating and a $102.00 target price on the stock. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.00.

Tennant Trading Up 3.6%

The firm has a fifty day moving average of $76.14 and a two-hundred day moving average of $78.56. The company has a market cap of $1.48 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 1.48 and a beta of 1.05. The company has a current ratio of 2.13, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 3rd. The industrial products company reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.03). Tennant had a return on equity of 16.55% and a net margin of 4.42%.The business had revenue of $303.30 million for the quarter, compared to the consensus estimate of $306.90 million. During the same quarter in the prior year, the business earned $1.39 EPS. Tennant’s revenue for the quarter was down 4.0% compared to the same quarter last year. As a group, sell-side analysts predict that Tennant Company will post 5.89 EPS for the current year.

Institutional Investors Weigh In On Tennant

Several institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC purchased a new position in Tennant during the second quarter worth about $1,213,000. Bank of New York Mellon Corp grew its holdings in shares of Tennant by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 167,384 shares of the industrial products company’s stock worth $12,969,000 after purchasing an additional 4,377 shares in the last quarter. Bailard Inc. bought a new position in shares of Tennant in the second quarter worth approximately $651,000. River Road Asset Management LLC increased its position in shares of Tennant by 131.0% in the second quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock worth $19,823,000 after purchasing an additional 136,221 shares during the last quarter. Finally, QSV Equity Investors LLC purchased a new stake in Tennant in the second quarter valued at approximately $1,057,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.

About Tennant

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.