Tennant (NYSE:TNC) Rating Lowered to Buy at StockNews.com

Tennant (NYSE:TNC) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Monday.

Tennant Stock Performance

TNC stock traded down $4.25 during mid-day trading on Monday, hitting $94.98. 107,563 shares of the company were exchanged, compared to its average volume of 125,350. The company has a current ratio of 2.15, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. Tennant has a 1-year low of $72.81 and a 1-year high of $124.11. The business has a 50 day simple moving average of $101.32 and a 200-day simple moving average of $106.04. The stock has a market capitalization of $1.81 billion, a PE ratio of 15.78 and a beta of 1.02.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Friday, May 3rd. The industrial products company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.36. Tennant had a net margin of 9.10% and a return on equity of 23.16%. The firm had revenue of $311.00 million for the quarter, compared to analyst estimates of $314.10 million. On average, equities analysts forecast that Tennant will post 6.56 earnings per share for the current year.

Institutional Trading of Tennant

Several institutional investors and hedge funds have recently made changes to their positions in TNC. Albert D Mason Inc. boosted its stake in shares of Tennant by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 9,641 shares of the industrial products company’s stock valued at $1,172,000 after purchasing an additional 127 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Tennant by 0.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 49,012 shares of the industrial products company’s stock worth $5,960,000 after buying an additional 133 shares during the period. Arizona State Retirement System increased its stake in Tennant by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock worth $497,000 after buying an additional 176 shares during the period. Federated Hermes Inc. increased its position in Tennant by 1.7% during the 4th quarter. Federated Hermes Inc. now owns 10,927 shares of the industrial products company’s stock valued at $1,013,000 after purchasing an additional 180 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Tennant by 1.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock valued at $1,698,000 after purchasing an additional 186 shares during the period. Hedge funds and other institutional investors own 93.33% of the company’s stock.

Tennant Company Profile

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.