Tennant (NYSE:TNC) Downgraded by StockNews.com to “Buy”

Tennant (NYSE:TNC) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.

Tennant Stock Up 0.2 %

Shares of TNC traded up $0.16 during trading hours on Thursday, reaching $97.68. The company’s stock had a trading volume of 59,339 shares, compared to its average volume of 130,352. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 16.23 and a beta of 1.03. Tennant has a 1-year low of $72.81 and a 1-year high of $124.11. The company has a quick ratio of 1.46, a current ratio of 2.15 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average of $104.57 and a two-hundred day moving average of $103.48.

Tennant (NYSE:TNC) last issued its earnings results on Friday, May 3rd. The industrial products company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.36. The company had revenue of $311.00 million for the quarter, compared to the consensus estimate of $314.10 million. Tennant had a return on equity of 23.16% and a net margin of 9.10%. As a group, research analysts predict that Tennant will post 6.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Tennant

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Tennant by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company’s stock valued at $278,636,000 after buying an additional 40,711 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tennant by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 612,032 shares of the industrial products company’s stock valued at $56,729,000 after buying an additional 14,008 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Tennant by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 231,059 shares of the industrial products company’s stock valued at $21,417,000 after buying an additional 4,102 shares in the last quarter. Norges Bank bought a new stake in shares of Tennant in the 4th quarter valued at approximately $12,193,000. Finally, Invesco Ltd. grew its stake in shares of Tennant by 57.8% in the 3rd quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company’s stock valued at $8,582,000 after buying an additional 42,407 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

About Tennant

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.