BidaskClub downgraded shares of Tennant Company (NYSE:TNC) from a sell rating to a strong sell rating in a research report released on Monday morning.
Separately, Zacks Investment Research upgraded Tennant from a sell rating to a hold rating in a report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $69.00.
Shares of Tennant (TNC) opened at 73.90 on Monday. The firm has a 50-day moving average price of $74.09 and a 200 day moving average price of $71.81. Tennant has a 12-month low of $59.77 and a 12-month high of $76.80. The stock has a market cap of $1.32 billion, a PE ratio of 34.60 and a beta of 1.07.
Tennant (NYSE:TNC) last announced its quarterly earnings results on Monday, April 24th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The firm had revenue of $191.10 million during the quarter, compared to analyst estimates of $181.82 million. Tennant had a return on equity of 17.52% and a net margin of 4.66%. Tennant’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 earnings per share. Equities research analysts expect that Tennant will post $2.52 earnings per share for the current year.
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In other Tennant news, SVP Richard H. Zay sold 1,280 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $73.00, for a total value of $93,440.00. Following the transaction, the senior vice president now directly owns 15,423 shares of the company’s stock, valued at approximately $1,125,879. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carol S. Eicher sold 1,928 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $73.76, for a total transaction of $142,209.28. Following the completion of the transaction, the director now directly owns 9,263 shares in the company, valued at $683,238.88. The disclosure for this sale can be found here. Insiders sold a total of 10,708 shares of company stock worth $790,274 over the last ninety days. 5.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Comerica Bank increased its stake in Tennant by 4.6% in the first quarter. Comerica Bank now owns 19,685 shares of the industrial products company’s stock valued at $1,469,000 after buying an additional 864 shares during the period. Bank of New York Mellon Corp increased its position in Tennant by 8.0% in the first quarter. Bank of New York Mellon Corp now owns 252,687 shares of the industrial products company’s stock valued at $18,357,000 after buying an additional 18,632 shares during the period. US Bancorp DE increased its position in Tennant by 0.4% in the first quarter. US Bancorp DE now owns 238,965 shares of the industrial products company’s stock valued at $17,361,000 after buying an additional 1,050 shares during the period. First Trust Advisors LP increased its position in Tennant by 82.1% in the first quarter. First Trust Advisors LP now owns 11,853 shares of the industrial products company’s stock valued at $861,000 after buying an additional 5,345 shares during the period. Finally, Albert D Mason Inc. increased its position in Tennant by 0.8% in the first quarter. Albert D Mason Inc. now owns 11,370 shares of the industrial products company’s stock valued at $826,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 89.57% of the company’s stock.
About Tennant
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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