Tennant Co. (TNC) Lowered to Hold at Zacks Investment Research
According to Zacks, “Tennant Company, is a Minneapolis-based company that specializes in the design, manufacture, and sale of non-residential floor maintenance equipment and related products. The Company acquired the business and assets of Castex Industries, Inc., a privately owned manufacturer of commercial floor maintenance equipment. Products consisting mainly of motorized cleaning equipment and related products, including floor cleaning and preservation products, are sold through a direct sales organization and independent distributors. “
Other equities analysts have also issued research reports about the stock. Jefferies Group increased their target price on shares of Tennant from $54.00 to $56.00 and gave the stock a hold rating in a research report on Friday, July 29th. TheStreet upgraded shares of Tennant from a hold rating to a buy rating in a research report on Tuesday, July 26th. Finally, National Bank Financial lowered shares of Tennant from an outperform rating to a sector perform rating in a research report on Thursday, July 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $33.95.
Tennant (NYSE:TNC) traded up 1.17% during mid-day trading on Thursday, reaching $64.72. 9,411 shares of the company’s stock were exchanged. The company has a 50-day moving average of $64.00 and a 200-day moving average of $56.92. Tennant has a 52-week low of $45.92 and a 52-week high of $66.54. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 36.52 and a beta of 1.07.
Tennant (NYSE:TNC) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. Tennant had a net margin of 3.97% and a return on equity of 18.52%. The business earned $216.80 million during the quarter, compared to the consensus estimate of $210.61 million. During the same quarter last year, the company posted $0.79 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Tennant will post $2.50 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, August 29th. Tennant’s dividend payout ratio (DPR) is presently 44.94%.
In other Tennant news, CFO Thomas Paulson sold 15,304 shares of Tennant stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total transaction of $948,848.00. Following the transaction, the chief financial officer now directly owns 43,313 shares of the company’s stock, valued at $2,685,406. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Heidi M. Wilson sold 12,158 shares of Tennant stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $63.68, for a total transaction of $774,221.44. Following the transaction, the senior vice president now directly owns 24,541 shares in the company, valued at $1,562,770.88. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC increased its position in Tennant by 1,114.5% in the second quarter. Barclays PLC now owns 2,004 shares of the company’s stock valued at $108,000 after buying an additional 1,839 shares during the period. PineBridge Investments L.P. increased its position in Tennant by 6.9% in the second quarter. PineBridge Investments L.P. now owns 2,241 shares of the company’s stock valued at $121,000 after buying an additional 144 shares during the period. Teacher Retirement System of Texas increased its position in Tennant by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,381 shares of the company’s stock valued at $128,000 after buying an additional 285 shares during the period. Mason Street Advisors LLC acquired a new position in Tennant during the second quarter valued at approximately $186,000. Finally, AQR Capital Management LLC acquired a new position in Tennant during the second quarter valued at approximately $203,000. 86.34% of the stock is currently owned by hedge funds and other institutional investors.
Tennant Company Profile
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
Receive News & Stock Ratings for Tennant Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tennant Co. and related stocks with our FREE daily email newsletter.