$254.24 Million in Sales Expected for Tennant Company (TNC) This Quarter
Equities research analysts predict that Tennant Company (NYSE:TNC) will post sales of $254.24 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Tennant’s earnings. The lowest sales estimate is $252.17 million and the highest is $256.30 million. Tennant posted sales of $200.13 million during the same quarter last year, which would indicate a positive year over year growth rate of 27%. The firm is expected to report its next quarterly earnings report on Tuesday, October 24th.
On average, analysts expect that Tennant will report full year sales of $254.24 million for the current fiscal year, with estimates ranging from $977.10 million to $987.70 million. For the next year, analysts forecast that the business will report sales of $1.07 billion per share, with estimates ranging from $1.05 billion to $1.08 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Tennant.
Tennant (NYSE:TNC) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.19). Tennant had a return on equity of 15.39% and a net margin of 2.32%. The business had revenue of $270.79 million for the quarter, compared to analyst estimates of $268.32 million. During the same period in the prior year, the company earned $0.85 EPS. The company’s revenue was up 24.9% on a year-over-year basis.
Several analysts have weighed in on the company. BidaskClub raised Tennant from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. Zacks Investment Research raised Tennant from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Finally, TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $65.00.
Shares of Tennant (NYSE TNC) traded down 0.74% on Thursday, reaching $67.15. The company had a trading volume of 45,313 shares. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 59.01 and a beta of 1.13. The stock has a 50 day moving average price of $63.13 and a 200-day moving average price of $69.77. Tennant has a 12 month low of $60.05 and a 12 month high of $76.80.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.25%. The ex-dividend date was Tuesday, August 29th. Tennant’s dividend payout ratio (DPR) is presently 75.00%.
Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Tennant by 105.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 520,350 shares of the industrial products company’s stock valued at $38,402,000 after purchasing an additional 267,663 shares during the period. Citadel Advisors LLC acquired a new position in shares of Tennant during the 1st quarter valued at $984,000. UBS Asset Management Americas Inc. increased its position in shares of Tennant by 30.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 5,583 shares of the industrial products company’s stock valued at $406,000 after purchasing an additional 1,300 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in shares of Tennant by 30.1% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 15,910 shares of the industrial products company’s stock valued at $1,174,000 after purchasing an additional 3,680 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Tennant by 5.9% during the 1st quarter. Ameriprise Financial Inc. now owns 93,893 shares of the industrial products company’s stock valued at $6,821,000 after purchasing an additional 5,215 shares during the period. Institutional investors own 89.42% of the company’s stock.
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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