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 $78.59 and traded as high as $85.91. Tennant shares last traded at $83.4140, with a volume of 142,553 shares.

Analysts Set New Price Targets

A number of brokerages have commented on TNC. Roth Mkm began coverage on shares of Tennant in a report on Friday, October 24th. They set a “buy” rating and a $102.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Tennant in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.00.

Tennant Trading Up 0.5%

The stock has a market capitalization of $1.51 billion, a PE ratio of 28.57, a PEG ratio of 1.56 and a beta of 1.05. The stock’s 50 day moving average price is $77.84 and its 200-day moving average price is $78.59. The company has a quick ratio of 1.39, a current ratio of 2.13 and a debt-to-equity ratio of 0.37.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.5%. Tennant’s dividend payout ratio is 42.47%.

Institutional Investors Weigh In On Tennant

A number of institutional investors have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC purchased a new position in shares of Tennant in the third quarter worth $28,000. Hantz Financial Services Inc. increased its holdings in Tennant by 85.1% in the 4th 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 during the last quarter. CoreCap Advisors LLC purchased a new stake in Tennant in the 3rd quarter worth $30,000. UMB Bank n.a. boosted its holdings in shares of Tennant by 1,778.6% during the 4th quarter. UMB Bank n.a. now owns 526 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 498 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Tennant during the 2nd quarter valued at about $73,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

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.