Tennant Company (NYSE:TNC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Tennant Company, is a Minneapolis-based company that specializes in the design, manufacture, and sale of non-residential floor maintenance equipment and related products. The Company acquired the business and assets of Castex Industries, Inc., a privately owned manufacturer of commercial floor maintenance equipment. Products consisting mainly of motorized cleaning equipment and related products, including floor cleaning and preservation products, are sold through a direct sales organization and independent distributors. “

Several other equities research analysts also recently issued reports on TNC. TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. BidaskClub raised Tennant from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $65.00.

Shares of Tennant (NYSE:TNC) traded up 0.842% on Wednesday, reaching $68.825. 51,495 shares of the company’s stock traded hands. The firm has a market capitalization of $1.23 billion, a P/E ratio of 60.479 and a beta of 1.13. The firm’s 50 day moving average is $62.77 and its 200 day moving average is $69.84. Tennant has a 52 week low of $60.05 and a 52 week high of $76.80.

Tennant (NYSE:TNC) last released 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). Tennant had a return on equity of 15.39% and a net margin of 2.32%. The firm had revenue of $270.79 million for the quarter, compared to analyst estimates of $268.32 million. During the same quarter last year, the company earned $0.85 earnings per share. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. Analysts expect that Tennant will post $2.28 earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Tennant by 122,230.5% during the 1st quarter. BlackRock Inc. now owns 2,116,317 shares of the industrial products company’s stock worth $153,751,000 after buying an additional 2,114,587 shares in the last quarter. Vanguard Group Inc. boosted its position in Tennant by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,746,561 shares of the industrial products company’s stock valued at $128,896,000 after buying an additional 53,153 shares during the period. Dimensional Fund Advisors LP boosted its position in Tennant by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 617,369 shares of the industrial products company’s stock valued at $45,561,000 after buying an additional 2,194 shares during the period. Bank of New York Mellon Corp boosted its position in Tennant by 105.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 520,350 shares of the industrial products company’s stock valued at $38,402,000 after buying an additional 267,663 shares during the period. Finally, State Street Corp boosted its position in Tennant by 4.7% in the 2nd quarter. State Street Corp now owns 434,257 shares of the industrial products company’s stock valued at $32,053,000 after buying an additional 19,612 shares during the period. 89.42% 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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