Tennant Company (NYSE:TNC) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Monday.
Separately, Zacks Investment Research raised shares of Tennant from a “sell” rating to a “hold” rating in a research report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Tennant presently has a consensus rating of “Hold” and an average target price of $69.00.
Shares of Tennant (TNC) traded down 0.07% during mid-day trading on Monday, hitting $73.90. The company had a trading volume of 78,276 shares. Tennant has a 52-week low of $59.77 and a 52-week high of $76.80. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 34.60 and a beta of 1.07. The firm has a 50-day moving average price of $74.09 and a 200 day moving average price of $71.81.
Tennant (NYSE:TNC) last released its quarterly earnings data on Monday, April 24th. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The business had revenue of $191.10 million during the quarter, compared to analysts’ expectations of $181.82 million. Tennant had a net margin of 4.66% and a return on equity of 17.52%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 EPS. Analysts expect that Tennant will post $2.52 earnings per share for the current year.
In related news, Director Carol S. Eicher sold 1,928 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $73.76, for a total value of $142,209.28. Following the completion of the sale, the director now directly owns 9,263 shares of the company’s stock, valued at $683,238.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Richard H. Zay sold 1,280 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $73.00, for a total transaction of $93,440.00. Following the completion of the sale, the senior vice president now directly owns 15,423 shares of the company’s stock, valued at $1,125,879. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,708 shares of company stock valued at $790,274. 5.70% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. bought a new stake in shares of Tennant during the first quarter worth $103,000. State of Alaska Department of Revenue boosted its stake in shares of Tennant by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 1,950 shares of the industrial products company’s stock worth $141,000 after buying an additional 50 shares during the period. Victory Capital Management Inc. bought a new stake in shares of Tennant during the first quarter worth $157,000. Mason Street Advisors LLC boosted its stake in shares of Tennant by 7.4% in the first quarter. Mason Street Advisors LLC now owns 4,138 shares of the industrial products company’s stock worth $301,000 after buying an additional 285 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of Tennant by 30.4% in the first quarter. UBS Asset Management Americas Inc. now owns 5,583 shares of the industrial products company’s stock worth $406,000 after buying an additional 1,300 shares during the period. 89.57% of the stock is owned by hedge funds and other institutional investors.
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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