Tennant (TNC) Raised to Hold at Zacks Investment Research
Tennant (NYSE:TNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
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 raised Tennant from a “neutral” rating to a “buy” rating in a report on Monday, February 26th.
Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, April 23rd. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.12. Tennant had a return on equity of 9.27% and a net margin of 0.10%. The firm had revenue of $272.80 million for the quarter, compared to the consensus estimate of $251.93 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up 42.8% compared to the same quarter last year. analysts expect that Tennant will post 2.02 earnings per share for the current year.
In other Tennant news, CFO Thomas Paulson sold 9,296 shares of the company’s stock in a transaction on Friday, April 6th. The stock was sold at an average price of $69.08, for a total transaction of $642,167.68. Following the transaction, the chief financial officer now owns 35,582 shares of the company’s stock, valued at approximately $2,458,004.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Richard H. Zay sold 664 shares of the company’s stock in a transaction on Monday, April 23rd. The shares were sold at an average price of $73.00, for a total transaction of $48,472.00. Following the sale, the senior vice president now owns 16,065 shares of the company’s stock, valued at approximately $1,172,745. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,234 shares of company stock worth $4,803,073. Company insiders own 5.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. Dorsey & Whitney Trust CO LLC raised its position in shares of Tennant by 4.2% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 23,486 shares of the industrial products company’s stock valued at $1,706,000 after acquiring an additional 955 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Tennant by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 146,774 shares of the industrial products company’s stock valued at $10,663,000 after acquiring an additional 1,338 shares during the last quarter. Swiss National Bank raised its position in shares of Tennant by 6.5% during the 4th quarter. Swiss National Bank now owns 31,200 shares of the industrial products company’s stock valued at $2,267,000 after acquiring an additional 1,900 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Tennant by 1.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 118,688 shares of the industrial products company’s stock valued at $7,858,000 after acquiring an additional 1,972 shares during the last quarter. Finally, Elkfork Partners LLC bought a new stake in shares of Tennant during the 4th quarter valued at $155,000. Institutional investors own 91.00% of the company’s stock.
Tennant Company Profile
Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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