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

Shares of Tennant Company (NYSE:TNC) 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 traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Tennant in a report on Monday, December 29th. Roth Mkm started coverage on shares of Tennant in a report on Friday, October 24th. They issued a “buy” rating and a $102.00 target price for the company. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Tennant presently has an average rating of “Hold” and a consensus price target of $102.00.

Tennant Stock Performance

The firm has a market capitalization of $1.51 billion, a PE ratio of 28.57, a P/E/G ratio of 1.56 and a beta of 1.05. The business has a 50-day simple moving average of $77.84 and a 200-day simple moving average of $78.59. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.13 and a quick ratio of 1.39.

Tennant Dividend Announcement

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

Hedge Funds Weigh In On Tennant

A number of large investors have recently made changes to their positions in the company. Vision One Management Partners LP raised its position in Tennant by 18.1% in the 4th quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock worth $25,396,000 after purchasing an additional 52,721 shares during the period. State of Tennessee Department of Treasury boosted its position in shares of Tennant by 3.9% during the fourth quarter. State of Tennessee Department of Treasury now owns 6,559 shares of the industrial products company’s stock valued at $499,000 after buying an additional 247 shares during the period. XTX Topco Ltd grew its stake in shares of Tennant by 69.5% during the fourth quarter. XTX Topco Ltd now owns 24,584 shares of the industrial products company’s stock valued at $1,812,000 after buying an additional 10,082 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of Tennant by 27.3% in the fourth quarter. Quadrature Capital Ltd now owns 5,687 shares of the industrial products company’s stock worth $419,000 after buying an additional 1,220 shares during the period. Finally, Numerai GP LLC purchased a new stake in shares of Tennant in the fourth quarter worth approximately $1,035,000. 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.