Tennant (NYSE:TNC) Downgraded to Buy at StockNews.com

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

Tennant Stock Up 0.3 %

Shares of NYSE:TNC opened at $94.06 on Friday. The company has a market capitalization of $1.79 billion, a PE ratio of 15.62 and a beta of 1.02. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17. The company’s fifty day moving average is $99.86 and its 200-day moving average is $106.15. Tennant has a 52 week low of $72.81 and a 52 week high of $124.11.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.11. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The firm had revenue of $331.00 million for the quarter, compared to analysts’ expectations of $327.00 million. During the same period in the prior year, the firm earned $1.86 earnings per share. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts predict that Tennant will post 6.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tennant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Tennant during the fourth quarter worth $12,193,000. Assenagon Asset Management S.A. raised its holdings in Tennant by 577.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after purchasing an additional 109,298 shares during the last quarter. Jacobson & Schmitt Advisors LLC acquired a new position in Tennant during the 1st quarter valued at about $12,380,000. American Century Companies Inc. boosted its stake in shares of Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new stake in shares of Tennant during the 4th quarter worth approximately $4,930,000. 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.