Wall Street Zen Downgrades Tennant (NYSE:TNC) to Hold

Tennant (NYSE:TNC) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

TNC has been the subject of a number of other research reports. Zacks Research upgraded shares of Tennant from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded Tennant from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.00.

Tennant Stock Down 0.2%

Shares of Tennant stock opened at $73.77 on Friday. Tennant has a one year low of $60.17 and a one year high of $91.93. The company has a market cap of $1.26 billion, a P/E ratio of 72.32, a PEG ratio of 2.56 and a beta of 1.13. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.37 and a current ratio of 2.04. The firm has a fifty day moving average of $86.35 and a two-hundred day moving average of $79.49.

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 net margin of 1.50% and a return on equity of 13.32%. The firm had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $329.55 million. During the same period in the previous year, the firm earned $1.49 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. Tennant has set its FY 2026 guidance at 3.800-4.450 EPS. On average, analysts forecast that Tennant will post 4.13 earnings per share for the current year.

Tennant declared that its Board of Directors has authorized a stock repurchase program on Monday, May 4th that authorizes the company to buyback 2,000,000,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TNC. BlackRock Inc. acquired a new stake in Tennant in the 2nd quarter valued at about $236,255,000. Bank of New York Mellon Corp acquired a new position in Tennant during the second quarter worth about $28,562,000. Gamco Investors INC. ET AL raised its position in Tennant by 40.5% during the first quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company’s stock worth $46,905,000 after acquiring an additional 203,802 shares during the last quarter. Vision One Management Partners LP lifted its holdings in shares of Tennant by 63.1% in the third quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock valued at $23,212,000 after purchasing an additional 112,873 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Tennant by 33.8% in the fourth quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock valued at $26,418,000 after purchasing an additional 90,611 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

About Tennant

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.