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

StockNews.com downgraded shares of Tennant (NYSE:TNC) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

Tennant Stock Performance

Shares of NYSE TNC traded down $4.37 during trading hours on Friday, hitting $83.19. 133,328 shares of the stock were exchanged, compared to its average volume of 66,732. The firm has a market capitalization of $1.57 billion, a P/E ratio of 14.67 and a beta of 1.00. Tennant has a one year low of $79.52 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46. The company’s 50 day moving average is $92.94 and its 200 day moving average is $99.40.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.01. The business had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 EPS. On average, research analysts expect that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.42%. Tennant’s dividend payout ratio is currently 19.75%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC raised its stake in shares of Tennant by 0.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 49,012 shares of the industrial products company’s stock valued at $5,960,000 after buying an additional 133 shares in the last quarter. Arizona State Retirement System increased its stake in Tennant by 3.6% in 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 position in 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 worth $1,698,000 after purchasing an additional 186 shares in the last quarter. Swiss National Bank lifted its stake in Tennant by 0.6% during the first quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock worth $4,256,000 after purchasing an additional 200 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings 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 valued at $1,988,000 after purchasing an additional 212 shares in the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

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.