BidaskClub Lowers Tennant Company (NYSE:TNC) to Strong Sell
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.
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.
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.
Receive News & Ratings for Tennant Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tennant Company and related companies with MarketBeat.com's FREE daily email newsletter.