Tennant Co. (NYSE:TNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “
TNC has been the subject of several other reports. Jefferies Group increased their price objective on shares of Tennant from $54.00 to $56.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. TheStreet upgraded shares of Tennant from a “hold” rating to a “buy” rating in a research report on Tuesday, July 26th. Finally, National Bank Financial cut shares of Tennant from an “outperform” rating to a “sector perform” rating in a research report on Thursday, July 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.95.
Shares of Tennant (NYSE:TNC) opened at 64.36 on Thursday. The firm’s 50-day moving average is $63.98 and its 200-day moving average is $56.87. The company has a market capitalization of $1.13 billion, a PE ratio of 36.32 and a beta of 1.07. Tennant has a 12-month low of $45.92 and a 12-month high of $66.54.
Tennant (NYSE:TNC) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.13. Tennant had a net margin of 3.97% and a return on equity of 18.52%. The firm earned $216.80 million during the quarter, compared to analysts’ expectations of $210.61 million. During the same period in the prior year, the company posted $0.79 EPS. The company’s revenue was up .6% on a year-over-year basis. On average, equities research analysts anticipate that Tennant will post $2.50 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.24%. The ex-dividend date was Monday, August 29th. Tennant’s dividend payout ratio is presently 44.94%.
In related news, CFO Thomas Paulson sold 15,304 shares of the stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total transaction of $948,848.00. Following the transaction, the chief financial officer now directly owns 43,313 shares of the company’s stock, valued at $2,685,406. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Heidi M. Wilson sold 12,158 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total transaction of $774,221.44. Following the transaction, the senior vice president now directly owns 24,541 shares in the company, valued at $1,562,770.88. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Tennant during the fourth quarter valued at about $9,861,000. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Tennant by 1.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,641 shares of the company’s stock valued at $599,000 after buying an additional 175 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Tennant by 2.3% in the first quarter. Prudential Financial Inc. now owns 44,477 shares of the company’s stock valued at $2,290,000 after buying an additional 1,000 shares in the last quarter. BlackRock Group LTD raised its position in shares of Tennant by 6.6% in the first quarter. BlackRock Group LTD now owns 24,108 shares of the company’s stock valued at $1,241,000 after buying an additional 1,498 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Tennant by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 468,532 shares of the company’s stock valued at $24,120,000 after buying an additional 2,005 shares in the last quarter. 86.34% of the stock is currently owned by institutional investors and hedge funds.
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
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