Tennant (NYSE:TNC) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Tennant Company (NYSE:TNC)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

Wall Street Analysts Forecast Growth

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

Tennant Stock Up 3.6%

The stock has a market cap of $1.48 billion, a P/E ratio of 27.87, a P/E/G ratio of 1.48 and a beta of 1.05. The company has a quick ratio of 1.39, a current ratio of 2.13 and a debt-to-equity ratio of 0.37. The company has a 50-day simple moving average of $76.14 and a two-hundred day simple moving average of $78.56.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 3rd. The industrial products company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.03). The firm had revenue of $303.30 million during the quarter, compared to analysts’ expectations of $306.90 million. Tennant had a return on equity of 16.55% and a net margin of 4.42%.The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.39 earnings per share. On average, equities analysts forecast that Tennant Company will post 5.89 EPS for the current year.

Institutional Trading of Tennant

A number of institutional investors have recently modified their holdings of the company. Gamco Investors INC. ET AL grew its stake in shares of Tennant by 0.3% in the third quarter. Gamco Investors INC. ET AL now owns 499,795 shares of the industrial products company’s stock worth $40,513,000 after purchasing an additional 1,593 shares during the last quarter. American Century Companies Inc. lifted its holdings in Tennant by 26.6% in the 3rd quarter. American Century Companies Inc. now owns 434,996 shares of the industrial products company’s stock worth $35,261,000 after buying an additional 91,382 shares during the period. Vision One Management Partners LP lifted its holdings in Tennant by 63.1% in the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock worth $23,212,000 after buying an additional 112,873 shares during the period. River Road Asset Management LLC grew its position in shares of Tennant by 131.0% in the 2nd quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock worth $19,823,000 after buying an additional 136,221 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Tennant by 6.2% during the second quarter. First Trust Advisors LP now owns 236,633 shares of the industrial products company’s stock valued at $18,334,000 after buying an additional 13,846 shares during the period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

Tennant Company Profile

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.