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

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

Tennant Stock Performance

TNC opened at $108.05 on Tuesday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 17.95 and a beta of 1.10. The business’s 50-day moving average price is $115.71 and its two-hundred day moving average price is $99.06. Tennant has a 1 year low of $72.60 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.15 and a quick ratio of 1.46.

Tennant (NYSE:TNC) last announced its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. The business had revenue of $311.40 million for the quarter, compared to analyst estimates of $309.87 million. Tennant had a return on equity of 23.16% and a net margin of 9.10%. Tennant’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. Equities analysts expect that Tennant will post 6.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Carol S. Eicher sold 2,298 shares of Tennant stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total value of $267,602.10. Following the sale, the director now owns 25,540 shares of the company’s stock, valued at $2,974,133. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Tennant news, Director Carol S. Eicher sold 2,298 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total value of $267,602.10. Following the completion of the sale, the director now owns 25,540 shares in the company, valued at $2,974,133. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kristin A. Erickson sold 556 shares of Tennant stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the transaction, the senior vice president now directly owns 10,698 shares of the company’s stock, valued at approximately $1,176,780. The disclosure for this sale can be found here. Insiders have sold 17,597 shares of company stock valued at $1,953,293 in the last three months. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tennant

A number of institutional investors have recently bought and sold shares of TNC. Everence Capital Management Inc. bought a new stake in shares of Tennant during the 1st quarter worth about $248,000. ProShare Advisors LLC raised its stake in Tennant by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 3,738 shares of the industrial products company’s stock worth $455,000 after purchasing an additional 258 shares in the last quarter. Inspire Investing LLC increased its holdings in shares of Tennant by 141.5% during the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock worth $1,250,000 after purchasing an additional 6,021 shares during the period. Sei Investments Co. raised its holdings in Tennant by 100.8% in the 1st quarter. Sei Investments Co. now owns 41,124 shares of the industrial products company’s stock valued at $5,001,000 after acquiring an additional 20,639 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Tennant in the 1st quarter valued at approximately $1,245,000. Institutional investors and hedge funds 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.