Tennant (TNC) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Tennant (NYSE:TNC) from a hold rating to a buy rating in a report released on Tuesday morning. The brokerage currently has $64.00 price target on the industrial products company’s stock.
According to Zacks, “Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. “
A number of other research firms have also recently issued reports on TNC. ValuEngine cut shares of Tennant from a buy rating to a hold rating in a research report on Friday, October 12th. TheStreet cut shares of Tennant from a b rating to a c+ rating in a research report on Thursday, October 11th.
Tennant (NYSE:TNC) last released its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.15. The company had revenue of $273.30 million for the quarter, compared to analysts’ expectations of $267.20 million. Tennant had a net margin of 2.01% and a return on equity of 11.94%. The business’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. As a group, sell-side analysts expect that Tennant will post 2.11 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in TNC. BlackRock Inc. lifted its position in Tennant by 8.4% in the 2nd quarter. BlackRock Inc. now owns 2,456,184 shares of the industrial products company’s stock valued at $194,039,000 after acquiring an additional 190,680 shares in the last quarter. Legal & General Group Plc lifted its position in Tennant by 6.3% in the 2nd quarter. Legal & General Group Plc now owns 38,980 shares of the industrial products company’s stock valued at $3,072,000 after acquiring an additional 2,302 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Tennant in the 2nd quarter valued at about $217,000. Vident Investment Advisory LLC bought a new position in Tennant in the 2nd quarter valued at about $249,000. Finally, Millennium Management LLC lifted its position in Tennant by 8.2% in the 2nd quarter. Millennium Management LLC now owns 10,746 shares of the industrial products company’s stock valued at $849,000 after acquiring an additional 818 shares in the last quarter. 86.17% of the stock is currently owned by institutional investors and hedge funds.
Tennant Company Profile
Tennant Company designs, manufactures, and markets floor cleaning equipment. It offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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