Tennant Company (NYSE:TNC) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts have also recently commented on TNC. Zacks Investment Research upgraded shares of Tennant from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. TheStreet cut shares of Tennant from a “b-” rating to a “c+” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $65.00.

Tennant (NYSE TNC) traded up 0.64% during midday trading on Friday, reaching $62.70. 40,751 shares of the company traded hands. Tennant has a 12-month low of $60.10 and a 12-month high of $76.80. The company has a 50 day moving average of $72.74 and a 200-day moving average of $71.90. The stock has a market capitalization of $1.11 billion, a P/E ratio of 55.10 and a beta of 1.07.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by $0.19. The company had revenue of $270.79 million during the quarter, compared to analyst estimates of $268.32 million. Tennant had a return on equity of 15.39% and a net margin of 2.32%. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 earnings per share. Equities analysts anticipate that Tennant will post $2.28 EPS for the current fiscal year.

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In other Tennant news, SVP Richard H. Zay sold 1,280 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $73.00, for a total value of $93,440.00. Following the transaction, the senior vice president now directly owns 15,423 shares of the company’s stock, valued at $1,125,879. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas Paulson sold 7,500 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $73.95, for a total transaction of $554,625.00. Following the completion of the transaction, the chief financial officer now directly owns 31,755 shares in the company, valued at $2,348,282.25. The disclosure for this sale can be found here. 5.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new position in Tennant during the first quarter worth $984,000. Norges Bank acquired a new position in Tennant during the fourth quarter worth $2,287,000. SFE Investment Counsel raised its position in Tennant by 1.4% in the first quarter. SFE Investment Counsel now owns 38,091 shares of the industrial products company’s stock worth $2,767,000 after buying an additional 521 shares during the last quarter. Ameriprise Financial Inc. raised its position in Tennant by 5.9% in the first quarter. Ameriprise Financial Inc. now owns 93,893 shares of the industrial products company’s stock worth $6,821,000 after buying an additional 5,215 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Tennant by 684.6% in the first quarter. Goldman Sachs Group Inc. now owns 273,065 shares of the industrial products company’s stock worth $19,838,000 after buying an additional 238,264 shares during the last quarter. 88.91% of the stock is currently owned by hedge funds and other institutional investors.

About Tennant

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.

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