Tennant (NYSE:TNC) Cut 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 Friday.

Tennant Stock Performance

NYSE TNC traded down $4.33 during trading hours on Friday, hitting $83.24. The company had a trading volume of 133,328 shares, compared to its average volume of 117,560. The company has a quick ratio of 1.46, a current ratio of 2.17 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.57 billion, a P/E ratio of 14.38 and a beta of 1.00. Tennant has a fifty-two week low of $79.52 and a fifty-two week high of $124.11. The business has a fifty day simple moving average of $92.94 and a 200-day simple moving average of $99.40.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.01. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The firm had revenue of $315.80 million for the quarter, compared to the consensus estimate of $319.40 million. During the same period last year, the firm posted $1.34 EPS. Tennant’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities analysts predict that Tennant will post 6.48 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dorsey & Whitney Trust CO LLC raised its stake in shares of Tennant by 0.3% during 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 purchasing an additional 133 shares in the last quarter. Arizona State Retirement System increased its stake in Tennant by 3.6% during the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after acquiring an additional 176 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Tennant by 1.4% in the first 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 in the last quarter. Swiss National Bank raised its stake in shares of Tennant by 0.6% in the 1st quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock valued at $4,256,000 after buying an additional 200 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Tennant by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 16,349 shares of the industrial products company’s stock worth $1,988,000 after purchasing an additional 212 shares during the period. 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.