Tennant (NYSE:TNC) Downgraded by StockNews.com to Buy

StockNews.com lowered shares of Tennant (NYSE:TNC) from a strong-buy rating to a buy rating in a report published on Thursday.

Tennant Stock Performance

Shares of TNC stock opened at $98.44 on Thursday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 16.35 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15. Tennant has a 52 week low of $72.81 and a 52 week high of $124.11. The firm’s 50-day simple moving average is $104.23 and its two-hundred day simple moving average is $103.78.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Friday, May 3rd. The industrial products company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.45 by $0.36. The business had revenue of $311.00 million for the quarter, compared to analyst estimates of $314.10 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. As a group, equities analysts forecast that Tennant will post 6.56 earnings per share for the current year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Friday, May 31st. Tennant’s dividend payout ratio (DPR) is currently 18.60%.

Institutional Trading of Tennant

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC raised its position in shares of Tennant by 1,272.2% in the first quarter. Global Retirement Partners LLC now owns 247 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 229 shares during the period. YHB Investment Advisors Inc. bought a new stake in shares of Tennant in the first quarter valued at approximately $36,000. Creative Financial Designs Inc. ADV raised its position in shares of Tennant by 142.4% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 652 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 383 shares during the period. Quest Partners LLC bought a new stake in shares of Tennant in the fourth quarter valued at approximately $64,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Tennant in the first quarter valued at approximately $86,000. 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.