StockNews.com Downgrades Tennant (NYSE:TNC) to Buy

Tennant (NYSE:TNC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

Tennant Trading Down 5.0 %

NYSE:TNC opened at $83.19 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 14.67 and a beta of 1.00. The firm has a 50-day moving average price of $92.94 and a two-hundred day moving average price of $99.28. Tennant has a 52 week low of $79.52 and a 52 week high of $124.11.

Tennant (NYSE:TNC) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.01. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The company had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. During the same period in the previous year, the business posted $1.34 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Tennant will post 6.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TNC. Assenagon Asset Management S.A. boosted its stake in Tennant by 577.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after purchasing an additional 109,298 shares during the period. Jacobson & Schmitt Advisors LLC purchased a new position in Tennant during the first quarter worth about $12,380,000. American Century Companies Inc. grew its holdings in shares of Tennant by 79.8% during the second quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock worth $14,879,000 after purchasing an additional 67,080 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Tennant by 174.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,700 shares of the industrial products company’s stock worth $8,598,000 after purchasing an additional 44,907 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Tennant by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock worth $278,636,000 after buying an additional 40,711 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

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.