Tennant Company (TNC) Stock Rating Lowered by Zacks Investment Research
Tennant Company (NYSE:TNC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Tennant Company, is a Minneapolis-based company that specializes in the design, manufacture, and sale of non-residential floor maintenance equipment and related products. The Company acquired the business and assets of Castex Industries, Inc., a privately owned manufacturer of commercial floor maintenance equipment. Products consisting mainly of motorized cleaning equipment and related products, including floor cleaning and preservation products, are sold through a direct sales organization and independent distributors. “
A number of other research analysts also recently weighed in on TNC. TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. BidaskClub downgraded Tennant from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $65.00.
Tennant (NYSE:TNC) opened at $63.45 on Thursday. The company has a market capitalization of $1,163.92, a P/E ratio of 31.35 and a beta of 1.06. The company has a current ratio of 2.09, a quick ratio of 1.39 and a debt-to-equity ratio of 1.29. Tennant has a 52-week low of $60.05 and a 52-week high of $76.80.
Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, November 2nd. The industrial products company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.29). The business had revenue of $261.92 million for the quarter, compared to the consensus estimate of $252.13 million. Tennant had a net margin of 1.32% and a return on equity of 13.07%. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 EPS. equities research analysts forecast that Tennant will post 1.59 earnings per share for the current fiscal year.
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Hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. grew its holdings in shares of 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 acquiring an additional 128 shares during the period. Flinton Capital Management LLC grew its holdings in shares of 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 acquiring an additional 816 shares during the period. Riverhead Capital Management LLC grew its holdings in shares of 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 acquiring an additional 865 shares during the period. Quantbot Technologies LP grew its holdings in shares of 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 acquiring an additional 2,026 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of 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 acquiring an additional 380 shares during the period. Hedge funds and other institutional investors own 87.75% of the company’s stock.
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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