Tennant (NYSE:TNC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, November 9th.
According to Zacks, “Tennant Company, is a Minneapolis-based company that specializes in the design, manufacture, and sale of non-residential floor maintenance equipment and related products. The Company acquired the business and assets of Castex Industries, Inc., a privately owned manufacturer of commercial floor maintenance equipment. Products consisting mainly of motorized cleaning equipment and related products, including floor cleaning and preservation products, are sold through a direct sales organization and independent distributors. “
Several other brokerages also recently weighed in on TNC. BidaskClub upgraded Tennant from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 2nd. TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Tennant presently has an average rating of “Hold” and a consensus target price of $65.00.
Tennant (NYSE:TNC) last issued its earnings results on Thursday, November 2nd. The industrial products company reported $0.32 earnings per share for the quarter, missing the 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 firm had revenue of $261.92 million during the quarter, compared to analysts’ expectations of $252.13 million. During the same period last year, the business posted $0.64 earnings per share. The company’s quarterly revenue was up 30.9% compared to the same quarter last year. analysts forecast that Tennant will post 1.56 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TNC. Martin & Co. Inc. TN raised its holdings in Tennant by 62.1% during the third quarter. Martin & Co. Inc. TN now owns 26,590 shares of the industrial products company’s stock worth $1,760,000 after purchasing an additional 10,185 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Tennant during the third quarter worth approximately $221,000. Granahan Investment Management Inc. MA raised its holdings in Tennant by 5.9% during the third quarter. Granahan Investment Management Inc. MA now owns 110,624 shares of the industrial products company’s stock worth $7,323,000 after purchasing an additional 6,155 shares in the last quarter. Magnetar Financial LLC acquired a new position in Tennant in the third quarter worth approximately $204,000. Finally, Engineers Gate Manager LP acquired a new position in Tennant in the third quarter worth approximately $891,000. 91.61% of the stock is currently owned by institutional investors.
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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