Tennant (NYSE:TNC) Downgraded to “Buy” at StockNews.com

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

Tennant Price Performance

Tennant stock traded up $0.10 during trading hours on Tuesday, hitting $107.09. 192,047 shares of the stock were exchanged, compared to its average volume of 136,000. Tennant has a 12 month low of $72.60 and a 12 month high of $124.11. The business’s 50-day moving average is $115.82 and its two-hundred day moving average is $99.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15. The stock has a market capitalization of $2.04 billion, a P/E ratio of 17.79 and a beta of 1.10.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. The firm had revenue of $311.40 million during the quarter, compared to analysts’ expectations of $309.87 million. Tennant had a return on equity of 23.16% and a net margin of 9.10%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm posted $1.46 EPS. Equities research analysts expect that Tennant will post 6.44 EPS for the current fiscal year.

Insider Activity

In related news, insider Richard H. Zay sold 14,743 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the completion of the transaction, the insider now owns 11,095 shares in the company, valued at approximately $1,222,558.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Carol S. Eicher sold 2,298 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total value of $267,602.10. Following the transaction, the director now owns 25,540 shares in the company, valued at $2,974,133. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Richard H. Zay sold 14,743 shares of Tennant stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $110.19, for a total value of $1,624,531.17. Following the completion of the sale, the insider now owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The disclosure for this sale can be found here. Insiders have sold 17,597 shares of company stock valued at $1,953,293 over the last three months. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Tennant

Several institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. acquired a new position in Tennant in the third quarter valued at about $22,613,000. Norges Bank bought a new position in Tennant during the 4th quarter worth approximately $12,193,000. Allianz Asset Management GmbH acquired a new position in Tennant during the fourth quarter valued at approximately $4,930,000. Invesco Ltd. increased its stake in Tennant by 57.8% in the third quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company’s stock valued at $8,582,000 after purchasing an additional 42,407 shares in the last quarter. Finally, Tudor Investment Corp Et Al raised its holdings in Tennant by 539.4% in the third quarter. Tudor Investment Corp Et Al now owns 46,734 shares of the industrial products company’s stock worth $3,465,000 after purchasing an additional 39,425 shares during the period. Institutional investors and hedge funds own 93.33% of the company’s stock.

About Tennant

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.