Tennant Company (NYSE:TNC) Given Average Rating of “Hold” by Brokerages
Shares of Tennant Company (NYSE:TNC) have earned a consensus recommendation of “Hold” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $65.00.
TNC has been the subject of a number of research analyst reports. TheStreet lowered Tennant from a “b-” rating to a “c+” rating in a report on Wednesday. Zacks Investment Research upgraded Tennant from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Finally, BidaskClub upgraded Tennant from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 2nd.
In related news, CFO Thomas Paulson sold 7,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $73.95, for a total transaction of $554,625.00. Following the completion of the sale, the chief financial officer now directly owns 31,755 shares in the company, valued at $2,348,282.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Richard H. Zay sold 1,280 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $73.00, for a total value of $93,440.00. Following the sale, the senior vice president now owns 15,423 shares of the company’s stock, valued at $1,125,879. The disclosure for this sale can be found here. 5.70% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Tennant during the first quarter valued at about $103,000. Riverhead Capital Management LLC raised its stake in shares of Tennant by 86.5% in the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock valued at $138,000 after buying an additional 865 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Tennant by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 1,950 shares of the industrial products company’s stock valued at $141,000 after buying an additional 50 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Tennant during the first quarter valued at about $157,000. Finally, OxFORD Asset Management LLP purchased a new stake in shares of Tennant during the second quarter valued at about $206,000. Institutional investors and hedge funds own 88.91% of the company’s stock.
Shares of Tennant (TNC) traded up 1.20% during midday trading on Friday, hitting $63.05. The stock had a trading volume of 181,099 shares. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 55.40 and a beta of 1.07. Tennant has a 12-month low of $60.10 and a 12-month high of $76.80. The company’s 50-day moving average price is $72.45 and its 200-day moving average price is $71.88.
Tennant (NYSE:TNC) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.79 by $0.19. The business had revenue of $270.79 million during the quarter, compared to analysts’ expectations of $268.32 million. Tennant had a net margin of 2.32% and a return on equity of 15.39%. Tennant’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.85 EPS. Equities research analysts forecast that Tennant will post $2.28 EPS for the current year.
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Tennant Company Profile
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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