Zacks Investment Research Downgrades Tennant Co. (TNC) to Hold
Tennant Co. (NYSE:TNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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 recently issued research reports about the stock. TheStreet raised shares of Tennant from a “hold” rating to a “buy” rating in a research note on Tuesday, July 26th. Jefferies Group boosted their price target on shares of Tennant from $54.00 to $56.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Finally, National Bank Financial cut shares of Tennant from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Tennant presently has an average rating of “Hold” and an average target price of $33.95.
Tennant (NYSE:TNC) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate 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 analysts’ expectations of $210.61 million. During the same quarter in the previous year, the company earned $0.79 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.20 dividend. The ex-dividend date was Monday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.23%. Tennant’s dividend payout ratio (DPR) is 44.94%.
In related news, CFO Thomas Paulson sold 15,304 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 43,313 shares in the company, valued at approximately $2,685,406. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Heidi M. Wilson sold 12,158 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $63.68, for a total transaction of $774,221.44. Following the sale, the senior vice president now owns 24,541 shares of the company’s stock, valued at $1,562,770.88. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Barclays PLC raised its stake in Tennant by 1,114.5% in the second quarter. Barclays PLC now owns 2,004 shares of the company’s stock worth $108,000 after buying an additional 1,839 shares in the last quarter. PineBridge Investments L.P. raised its stake in Tennant by 6.9% in the second quarter. PineBridge Investments L.P. now owns 2,241 shares of the company’s stock worth $121,000 after buying an additional 144 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Tennant by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,381 shares of the company’s stock worth $128,000 after buying an additional 285 shares in the last quarter. Mason Street Advisors LLC purchased a new stake in Tennant during the second quarter worth approximately $186,000. Finally, AQR Capital Management LLC bought a new position in shares of Tennant during the second quarter valued at approximately $203,000. Institutional investors own 86.34% of the company’s stock.
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.
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