Tennant (NYSE:TNC) Lowered to “Buy” at StockNews.com

StockNews.com downgraded shares of Tennant (NYSE:TNC) from a strong-buy rating to a buy rating in a research report report published on Thursday morning.

Tennant Price Performance

NYSE:TNC opened at $97.68 on Thursday. The stock has a 50 day moving average price of $104.57 and a 200 day moving average price of $103.48. The stock has a market cap of $1.86 billion, a PE ratio of 16.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15. Tennant has a one year low of $72.81 and a one year high of $124.11.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Friday, May 3rd. The industrial products company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.45 by $0.36. The business had revenue of $311.00 million for the quarter, compared to analyst estimates of $314.10 million. Tennant had a return on equity of 23.16% and a net margin of 9.10%. Equities research analysts expect that Tennant will post 6.56 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a $0.28 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 1.15%. Tennant’s payout ratio is 18.60%.

Institutional Investors Weigh In On Tennant

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Albert D Mason Inc. increased its position in shares of Tennant by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 9,641 shares of the industrial products company’s stock worth $1,172,000 after purchasing an additional 127 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Tennant by 0.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 49,012 shares of the industrial products company’s stock valued at $5,960,000 after acquiring an additional 133 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Tennant by 1.7% in the 4th quarter. Federated Hermes Inc. now owns 10,927 shares of the industrial products company’s stock valued at $1,013,000 after acquiring an additional 180 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tennant by 1.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock worth $1,698,000 after acquiring an additional 186 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Tennant by 0.6% during the 1st quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock worth $4,256,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Company Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.