Zacks Investment Research Downgrades Tennant (TNC) to Hold

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Tennant (NYSE:TNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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, ValuEngine downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research report on Tuesday, June 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold”.

Tennant opened at $79.00 on Thursday, MarketBeat reports. The company has a market cap of $1.40 billion, a PE ratio of 51.30, a price-to-earnings-growth ratio of 3.86 and a beta of 0.86. The company has a quick ratio of 1.22, a current ratio of 1.80 and a debt-to-equity ratio of 1.11. Tennant has a 52-week low of $59.00 and a 52-week high of $82.20.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Monday, April 23rd. The industrial products company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.12. The company had revenue of $272.80 million during the quarter, compared to the consensus estimate of $251.93 million. Tennant had a net margin of 0.10% and a return on equity of 9.27%. The firm’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 earnings per share. sell-side analysts predict that Tennant will post 2.02 EPS for the current year.

In related news, VP David W. Huml sold 415 shares of the firm’s stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $72.99, for a total transaction of $30,290.85. Following the completion of the sale, the vice president now owns 7,569 shares of the company’s stock, valued at $552,461.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Killingstad sold 44,272 shares of the firm’s stock in a transaction that occurred on Tuesday, April 10th. The shares were sold at an average price of $68.55, for a total transaction of $3,034,845.60. Following the sale, the insider now directly owns 176,100 shares of the company’s stock, valued at approximately $12,071,655. The disclosure for this sale can be found here. Insiders have sold 69,649 shares of company stock valued at $4,833,364 in the last three months. 5.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. grew its position in Tennant by 2.4% in the 1st quarter. Prudential Financial Inc. now owns 30,525 shares of the industrial products company’s stock worth $2,067,000 after purchasing an additional 710 shares during the period. Rhumbline Advisers grew its position in Tennant by 2.0% in the 1st quarter. Rhumbline Advisers now owns 44,669 shares of the industrial products company’s stock worth $3,024,000 after purchasing an additional 881 shares during the period. Dorsey & Whitney Trust CO LLC grew its position in Tennant by 4.2% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 23,486 shares of the industrial products company’s stock worth $1,706,000 after purchasing an additional 955 shares during the period. Front Row Advisors LLC grew its position in Tennant by 22.2% in the 1st quarter. Front Row Advisors LLC now owns 7,110 shares of the industrial products company’s stock worth $481,000 after purchasing an additional 1,290 shares during the period. Finally, Geode Capital Management LLC grew its position in Tennant by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 146,774 shares of the industrial products company’s stock worth $10,663,000 after purchasing an additional 1,338 shares during the period. 86.84% of the stock is owned by institutional investors.

About Tennant

Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.

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