Zacks Investment Research upgraded shares of Tennant Company (NYSE:TNC) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday.

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. “

TNC has been the topic of several other reports. BidaskClub raised shares of Tennant from a strong sell rating to a sell rating in a research report on Wednesday, August 2nd. TheStreet lowered shares of Tennant from a b- rating to a c+ rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Tennant presently has an average rating of Hold and a consensus price target of $65.00.

Tennant (NYSE:TNC) traded down 1.53% on Wednesday, reaching $67.65. 37,032 shares of the company were exchanged. Tennant has a 12-month low of $60.05 and a 12-month high of $76.80. The firm has a market capitalization of $1.21 billion, a PE ratio of 59.45 and a beta of 1.13. The stock has a 50 day moving average of $62.91 and a 200 day moving average of $69.83.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $270.79 million for the quarter, compared to the consensus estimate of $268.32 million. During the same period last year, the company posted $0.85 earnings per share. The business’s revenue was up 24.9% compared to the same quarter last year. Equities analysts anticipate that Tennant will post $2.28 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 1.24%. Tennant’s dividend payout ratio is currently 75.00%.

Several large investors have recently added to or reduced their stakes in TNC. Ameritas Investment Partners Inc. acquired a new position in shares of Tennant in the first quarter valued at $103,000. Flinton Capital Management LLC increased its holdings in shares of Tennant by 85.7% in the second quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 816 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Tennant by 86.5% in the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock valued at $138,000 after purchasing an additional 865 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Tennant in the first quarter valued at $157,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of Tennant in the second quarter valued at $206,000. Hedge funds and other institutional investors own 89.42% 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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