StockNews.com Upgrades Tennant (NYSE:TNC) to Strong-Buy

Tennant (NYSE:TNC) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Thursday.

Tennant Price Performance

TNC traded down $1.45 during trading on Thursday, hitting $92.42. The company’s stock had a trading volume of 137,574 shares, compared to its average volume of 125,033. The company has a quick ratio of 1.46, a current ratio of 2.17 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.35 and a beta of 1.00. The firm’s 50 day moving average price is $99.20 and its two-hundred day moving average price is $105.86. Tennant has a 12 month low of $72.81 and a 12 month high of $124.11.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.11. The business had revenue of $331.00 million during the quarter, compared to analysts’ expectations of $327.00 million. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.86 earnings per share. Sell-side analysts forecast that Tennant will post 6.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TNC. Albert D Mason Inc. lifted its stake in shares of Tennant by 1.3% during the first quarter. Albert D Mason Inc. now owns 9,641 shares of the industrial products company’s stock valued at $1,172,000 after acquiring an additional 127 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in Tennant by 0.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 49,012 shares of the industrial products company’s stock valued at $5,960,000 after purchasing an additional 133 shares during the period. Arizona State Retirement System boosted its stake in shares of Tennant by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after purchasing an additional 176 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Tennant by 1.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock worth $1,698,000 after buying an additional 186 shares during the period. Finally, Swiss National Bank raised its stake in shares of Tennant by 0.6% during the first quarter. Swiss National Bank now owns 35,000 shares of the industrial products company’s stock worth $4,256,000 after buying an additional 200 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.

Tennant Company Profile

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.