Tennant (NYSE:TNC) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Tennant (NYSE:TNC) from a strong-buy rating to a buy rating in a research note published on Tuesday morning.

Tennant Price Performance

NYSE:TNC opened at $107.09 on Tuesday. The company has a quick ratio of 1.46, a current ratio of 2.15 and a debt-to-equity ratio of 0.34. The business’s 50-day moving average price is $115.82 and its 200 day moving average price is $99.00. Tennant has a 52-week low of $72.60 and a 52-week high of $124.11. The firm has a market cap of $2.04 billion, a P/E ratio of 17.79 and a beta of 1.10.

Tennant (NYSE:TNC) last released its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.65. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $309.87 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 EPS. As a group, sell-side analysts predict that Tennant will post 6.44 earnings per share for the current fiscal year.

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 1.05%. Tennant’s dividend payout ratio is currently 18.60%.

Insiders Place Their Bets

In other Tennant news, insider Richard H. Zay sold 14,743 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total value of $1,624,531.17. Following the completion of the transaction, the insider now directly owns 11,095 shares in the company, valued at $1,222,558.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Carol S. Eicher sold 2,298 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total value of $267,602.10. Following the transaction, the director now owns 25,540 shares in the company, valued at approximately $2,974,133. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard H. Zay sold 14,743 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the sale, the insider now owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,597 shares of company stock worth $1,953,293. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Tennant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TNC. Assenagon Asset Management S.A. purchased a new position in shares of Tennant during the 3rd quarter valued at $22,613,000. Norges Bank acquired a new position in Tennant in the 4th quarter worth about $12,193,000. Allianz Asset Management GmbH bought a new stake in Tennant in the fourth quarter worth approximately $4,930,000. Invesco Ltd. boosted its holdings in Tennant by 57.8% in the third quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company’s stock worth $8,582,000 after purchasing an additional 42,407 shares in the last quarter. Finally, Tudor Investment Corp Et Al increased its position in Tennant by 539.4% during the third quarter. Tudor Investment Corp Et Al now owns 46,734 shares of the industrial products company’s stock worth $3,465,000 after buying an additional 39,425 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

About Tennant

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.