Tennant (NYSE:TNC) Rating Lowered to Buy at StockNews.com

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

Tennant Stock Performance

Shares of Tennant stock opened at $108.05 on Tuesday. The company has a quick ratio of 1.46, a current ratio of 2.15 and a debt-to-equity ratio of 0.34. Tennant has a 52 week low of $72.60 and a 52 week high of $124.11. The firm’s 50 day moving average is $115.71 and its two-hundred day moving average is $99.06. The firm has a market capitalization of $2.05 billion, a P/E ratio of 17.95 and a beta of 1.10.

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

Insider Buying and Selling at Tennant

In related news, SVP Kristin A. Erickson sold 556 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the sale, the senior vice president now owns 10,698 shares in the company, valued at approximately $1,176,780. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Richard H. Zay sold 14,743 shares of the firm’s stock in a transaction 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 sale, the insider now owns 11,095 shares in the company, valued at approximately $1,222,558.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kristin A. Erickson sold 556 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $110.00, for a total transaction of $61,160.00. Following the transaction, the senior vice president now owns 10,698 shares in the company, valued at $1,176,780. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,597 shares of company stock worth $1,953,293. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Tennant

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Albert D Mason Inc. boosted its position in Tennant by 1.3% during the first quarter. Albert D Mason Inc. now owns 9,641 shares of the industrial products company’s stock worth $1,172,000 after purchasing an additional 127 shares in the last quarter. Aigen Investment Management LP grew its holdings in Tennant by 4.1% in the 3rd quarter. Aigen Investment Management LP now owns 4,424 shares of the industrial products company’s stock valued at $328,000 after buying an additional 176 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Tennant by 1.7% in the 4th quarter. Federated Hermes Inc. now owns 10,927 shares of the industrial products company’s stock valued at $1,013,000 after purchasing an additional 180 shares during the last quarter. Swiss National Bank boosted its holdings in Tennant by 0.6% in the first quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock valued at $4,256,000 after acquiring an additional 200 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Tennant by 7.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,831 shares of the industrial products company’s stock worth $263,000 after purchasing an additional 202 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.