Tennant (NYSE:TNC) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Tennant (NYSE:TNC) from a buy rating to a hold rating in a research note released on Saturday.

Several other equities research analysts have also commented on the company. Zacks Research upgraded Tennant from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Weiss Ratings raised Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.00.

Tennant Stock Down 4.1%

Shares of NYSE TNC opened at $73.77 on Friday. Tennant has a 52-week low of $60.17 and a 52-week high of $91.93. The firm has a fifty day moving average of $86.35 and a 200-day moving average of $79.50. The stock has a market capitalization of $1.26 billion, a PE ratio of 72.32, a P/E/G ratio of 2.56 and a beta of 1.13. The company has a quick ratio of 1.41, a current ratio of 2.04 and a debt-to-equity ratio of 0.67.

Tennant (NYSE:TNC) last issued its earnings results on Wednesday, August 5th. The industrial products company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.50). Tennant had a return on equity of 13.32% and a net margin of 1.50%.The firm had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $329.55 million. During the same period last year, the business posted $1.49 earnings per share. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. On average, analysts anticipate that Tennant will post 4.13 EPS for the current year.

Tennant announced that its Board of Directors has authorized a share repurchase program on Monday, May 4th that allows the company to buyback 2,000,000,000,000 shares. This buyback authorization allows the industrial products company to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 31st. Tennant’s dividend payout ratio is 121.57%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in Tennant by 23.0% in the 1st quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company’s stock worth $364,000 after acquiring an additional 854 shares during the period. AQR Capital Management LLC lifted its position in shares of Tennant by 68.8% during the first quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company’s stock worth $3,966,000 after purchasing an additional 20,275 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Tennant by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company’s stock worth $899,000 after purchasing an additional 491 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Tennant by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 56,214 shares of the industrial products company’s stock worth $4,483,000 after purchasing an additional 8,421 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Tennant by 39.1% in the first quarter. Jane Street Group LLC now owns 38,911 shares of the industrial products company’s stock valued at $3,103,000 after purchasing an additional 10,946 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.