Tennant (TNC) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Tennant (NYSE:TNC) from a strong sell rating to a hold rating in a research report released on Saturday.
According to Zacks, “Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. “
Separately, Dougherty & Co reaffirmed a neutral rating on shares of Tennant in a report on Sunday, November 12th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The company has a consensus rating of Hold and a consensus price target of $65.00.
Tennant (NYSE:TNC) last announced its quarterly earnings data on Thursday, November 2nd. The industrial products company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.29). Tennant had a return on equity of 13.07% and a net margin of 1.32%. The business had revenue of $261.92 million for the quarter, compared to analyst estimates of $252.13 million. During the same period in the prior year, the company earned $0.64 EPS. The company’s revenue was up 30.9% on a year-over-year basis. analysts expect that Tennant will post 1.56 EPS for the current fiscal year.
In related news, insider Thomas Paulson sold 6,694 shares of the company’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $72.90, for a total transaction of $487,992.60. Following the transaction, the insider now owns 24,035 shares of the company’s stock, valued at $1,752,151.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.70% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its position in Tennant by 9.0% during the second quarter. Ameritas Investment Partners Inc. now owns 1,548 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 128 shares in the last quarter. Flinton Capital Management LLC boosted its position in Tennant by 85.7% during the second quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 816 shares in the last quarter. Riverhead Capital Management LLC boosted its position in Tennant by 86.5% during the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock worth $138,000 after purchasing an additional 865 shares in the last quarter. Quantbot Technologies LP boosted its position in Tennant by 1,013.0% during the third quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock worth $147,000 after purchasing an additional 2,026 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Tennant by 17.5% during the second quarter. Victory Capital Management Inc. now owns 2,546 shares of the industrial products company’s stock worth $188,000 after purchasing an additional 380 shares in the last quarter. Institutional investors own 91.59% 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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