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.

TRADEMARK VIOLATION NOTICE: This piece of content was posted by Watch List News and is the property of of Watch List News. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of international copyright legislation. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/tennant-company-tnc-stock-rating-lowered-by-zacks-investment-research/1694965.html.

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.

Receive News & Ratings for Tennant Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tennant Company and related companies with Analyst Ratings Network's FREE daily email newsletter.