Tennant (TNC) Cut to Hold at ValuEngine

ValuEngine cut shares of Tennant (NYSE:TNC) from a buy rating to a hold rating in a report released on Tuesday morning.

Other equities research analysts also recently issued research reports about the stock. Dougherty & Co raised shares of Tennant from a neutral rating to a buy rating in a report on Monday, February 26th. Zacks Investment Research raised shares of Tennant from a sell rating to a hold rating in a report on Thursday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold.

TNC stock opened at $76.95 on Tuesday. The stock has a market capitalization of $1.37 billion, a P/E ratio of 49.97, a P/E/G ratio of 3.77 and a beta of 0.86. Tennant has a fifty-two week low of $59.00 and a fifty-two week high of $82.20. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.80 and a quick ratio of 1.22.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, April 23rd. The industrial products company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The business had revenue of $272.80 million during the quarter, compared to the consensus estimate of $251.93 million. Tennant had a net margin of 0.10% and a return on equity of 9.27%. The company’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. analysts anticipate that Tennant will post 2.02 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Thursday, May 31st were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Wednesday, May 30th. Tennant’s payout ratio is 54.55%.

In other Tennant news, VP David W. Huml sold 415 shares of the company’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $72.99, for a total value of $30,290.85. Following the completion of the sale, the vice president now directly owns 7,569 shares of the company’s stock, valued at approximately $552,461.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Killingstad sold 44,272 shares of the company’s stock in a transaction dated Tuesday, April 10th. The shares were sold at an average price of $68.55, for a total transaction of $3,034,845.60. Following the completion of the sale, the insider now directly owns 176,100 shares of the company’s stock, valued at $12,071,655. The disclosure for this sale can be found here. Insiders sold a total of 69,649 shares of company stock valued at $4,833,364 over the last three months. 5.60% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of TNC. Schwab Charles Investment Management Inc. lifted its holdings in Tennant by 11.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 131,775 shares of the industrial products company’s stock valued at $9,574,000 after acquiring an additional 13,087 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Tennant in the 4th quarter valued at about $445,000. California Public Employees Retirement System lifted its holdings in Tennant by 12.2% in the 4th quarter. California Public Employees Retirement System now owns 34,803 shares of the industrial products company’s stock valued at $2,528,000 after acquiring an additional 3,789 shares during the last quarter. Swiss National Bank lifted its holdings in Tennant by 6.5% in the 4th quarter. Swiss National Bank now owns 31,200 shares of the industrial products company’s stock valued at $2,267,000 after acquiring an additional 1,900 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Tennant by 21.9% in the 4th quarter. Wells Fargo & Company MN now owns 32,645 shares of the industrial products company’s stock valued at $2,372,000 after acquiring an additional 5,865 shares during the last quarter. 86.87% of the stock is owned by institutional investors.

Tennant Company Profile

Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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