Zacks Investment Research Lowers Tennant Company (TNC) to Strong Sell

Zacks Investment Research cut shares of Tennant Company (NYSE:TNC) from a hold rating to a strong sell rating in a research report sent to investors 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 a number of other reports. TheStreet cut shares of Tennant from a b- rating to a c+ rating in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Tennant from a strong sell rating to a sell rating in a research report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $65.00.

Shares of Tennant (TNC) traded down $1.75 during mid-day trading on Thursday, reaching $63.45. 186,400 shares of the company’s stock were exchanged, compared to its average volume of 113,331. The company has a quick ratio of 1.39, a current ratio of 2.09 and a debt-to-equity ratio of 1.29. Tennant has a one year low of $60.05 and a one year high of $76.80. The stock has a market capitalization of $1,132.71, a P/E ratio of 30.50 and a beta of 1.06.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, November 2nd. The industrial products company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.29). Tennant had a return on equity of 13.07% and a net margin of 1.32%. The firm had revenue of $261.92 million for the quarter, compared to analysts’ expectations of $252.13 million. During the same period last year, the firm earned $0.64 earnings per share. Tennant’s revenue for the quarter was up 30.9% on a year-over-year basis. analysts anticipate that Tennant will post 1.59 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Wednesday, November 29th. Tennant’s dividend payout ratio is presently 123.53%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. increased its position in shares of Tennant by 9.0% during the second quarter. Ameritas Investment Partners Inc. now owns 1,548 shares of the industrial products company’s stock valued at $114,000 after acquiring an additional 128 shares during the last quarter. Flinton Capital Management LLC increased its position in shares of Tennant by 85.7% during the second quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 816 shares during the last quarter. Riverhead Capital Management LLC increased its position in shares of Tennant by 86.5% during the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock valued at $138,000 after acquiring an additional 865 shares during the last quarter. Quantbot Technologies LP increased its position in shares of Tennant by 1,013.0% during the third quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock valued at $147,000 after acquiring an additional 2,026 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Tennant by 17.5% during the second quarter. Victory Capital Management Inc. now owns 2,546 shares of the industrial products company’s stock valued at $188,000 after acquiring an additional 380 shares during the last quarter. Institutional investors and hedge funds own 87.75% of the company’s stock.

Tennant Company Profile

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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