$254.24 Million in Sales Expected for Tennant Company (TNC) This Quarter
Brokerages expect Tennant Company (NYSE:TNC) to report $254.24 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Tennant’s earnings. The lowest sales estimate is $252.17 million and the highest is $256.30 million. Tennant posted sales of $200.13 million in the same quarter last year, which indicates a positive year-over-year growth rate of 27%. The firm is scheduled to report its next quarterly earnings results on Tuesday, October 24th.
On average, analysts expect that Tennant will report full year sales of $254.24 million for the current fiscal year, with estimates ranging from $977.10 million to $987.70 million. For the next financial year, analysts anticipate that the business will report sales of $1.07 billion per share, with estimates ranging from $1.05 billion to $1.08 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Tennant.
Tennant (NYSE:TNC) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.19). The firm 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 quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 earnings per share.
Several analysts have recently commented on TNC shares. BidaskClub lowered shares of Tennant from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Zacks Investment Research upgraded shares of Tennant from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Finally, TheStreet lowered shares of Tennant from a “b-” rating to a “c+” rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $65.00.
Tennant (TNC) opened at 68.70 on Thursday. The firm has a market capitalization of $1.22 billion, a PE ratio of 60.37 and a beta of 1.13. Tennant has a one year low of $60.05 and a one year high of $76.80. The stock’s 50 day moving average price is $62.91 and its 200 day moving average price is $69.83.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.84 dividend on an annualized basis and a yield of 1.22%. Tennant’s dividend payout ratio (DPR) is currently 75.00%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. acquired a new stake in Tennant during the first quarter worth approximately $103,000. Flinton Capital Management LLC boosted its position in Tennant by 85.7% during the second quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 816 shares during the last quarter. Riverhead Capital Management LLC boosted its position in Tennant by 86.5% during the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock worth $138,000 after acquiring an additional 865 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Tennant during the first quarter worth approximately $157,000. Finally, OxFORD Asset Management LLP acquired a new stake in Tennant during the second quarter worth approximately $206,000. Hedge funds and other institutional investors own 89.42% of the company’s stock.
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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