According to Zacks, “Tennant Company, is a Minneapolis-based company that specializes in the design, manufacture, and sale of non-residential floor maintenance equipment and related products. The Company acquired the business and assets of Castex Industries, Inc., a privately owned manufacturer of commercial floor maintenance equipment. Products consisting mainly of motorized cleaning equipment and related products, including floor cleaning and preservation products, are sold through a direct sales organization and independent distributors. “
TNC has been the subject of several other research reports. Jefferies Group lifted their price objective on Tennant from $54.00 to $56.00 and gave the company a hold rating in a research report on Friday, July 29th. TheStreet upgraded Tennant from a hold rating to a buy rating in a research report on Tuesday, July 26th. Finally, National Bank Financial downgraded Tennant from an outperform rating to a sector perform rating in a research report on Thursday, July 7th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $33.95.
Shares of Tennant (NYSE:TNC) opened at 64.72 on Thursday. The firm’s 50-day moving average price is $64.11 and its 200-day moving average price is $57.21. Tennant has a 12 month low of $45.92 and a 12 month high of $66.54. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 36.52 and a beta of 0.90.
Tennant (NYSE:TNC) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.13. Tennant had a return on equity of 18.52% and a net margin of 3.97%. The firm earned $216.80 million during the quarter, compared to the consensus estimate of $210.61 million. During the same quarter in the previous year, the company posted $0.79 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Tennant will post $2.50 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.20 per share. The ex-dividend date was Monday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.24%. Tennant’s payout ratio is currently 44.94%.
In related news, SVP Heidi M. Wilson sold 12,158 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total value of $774,221.44. Following the completion of the sale, the senior vice president now owns 24,541 shares in the company, valued at $1,562,770.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Paulson sold 15,304 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total value of $948,848.00. Following the completion of the sale, the chief financial officer now owns 43,313 shares of the company’s stock, valued at approximately $2,685,406. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TNC. Prudential Financial Inc. increased its stake in Tennant by 2.3% in the first quarter. Prudential Financial Inc. now owns 44,477 shares of the company’s stock worth $2,290,000 after buying an additional 1,000 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Tennant by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 468,532 shares of the company’s stock worth $24,120,000 after buying an additional 2,005 shares in the last quarter. BlackRock Group LTD increased its stake in Tennant by 6.6% in the first quarter. BlackRock Group LTD now owns 24,108 shares of the company’s stock worth $1,241,000 after buying an additional 1,498 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in Tennant by 1.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,641 shares of the company’s stock worth $599,000 after buying an additional 175 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Tennant by 129.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 59,585 shares of the company’s stock worth $3,210,000 after buying an additional 33,612 shares in the last quarter. Institutional investors and hedge funds own 86.34% of the company’s stock.
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
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