Tennant (TNC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Tennant (NYSE:TNC) from a strong sell rating to a hold rating in a research report released on Saturday morning.

According to Zacks, “Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. “

Separately, Dougherty & Co reaffirmed a neutral rating on shares of Tennant in a research report on Sunday, November 12th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company has an average rating of Hold and an average price target of $65.00.

Shares of Tennant (NYSE:TNC) opened at $73.50 on Friday. Tennant has a 52-week low of $60.05 and a 52-week high of $76.80. The stock has a market capitalization of $1,310.00, a P/E ratio of 108.09, a PEG ratio of 3.22 and a beta of 1.04. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.09 and a quick ratio of 1.39.

Tennant (NYSE:TNC) last released its quarterly earnings data on Thursday, November 2nd. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.29). Tennant had a net margin of 1.32% and a return on equity of 13.07%. The business had revenue of $261.92 million during the quarter, compared to analyst estimates of $252.13 million. During the same period in the previous year, the business earned $0.64 earnings per share. The business’s quarterly revenue was up 30.9% on a year-over-year basis. sell-side analysts anticipate that Tennant will post 1.56 EPS for the current year.

In related news, insider Thomas Paulson sold 6,694 shares of Tennant stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $72.90, for a total transaction of $487,992.60. Following the completion of the sale, the insider now directly owns 24,035 shares of the company’s stock, valued at approximately $1,752,151.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 5.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. lifted its holdings in Tennant by 9.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,548 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 128 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in Tennant by 85.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 816 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in Tennant by 86.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock worth $138,000 after purchasing an additional 865 shares during the last quarter. Quantbot Technologies LP lifted its holdings in Tennant by 1,013.0% during the 3rd quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock worth $147,000 after purchasing an additional 2,026 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Tennant by 17.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,546 shares of the industrial products company’s stock worth $188,000 after purchasing an additional 380 shares during the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

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Tennant Company Profile

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.

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