Zacks Research Upgrades Tennant (NYSE:TNC) to Hold

Key Points

• Tennant (NYSE:TNC) was upgraded to a "hold" rating by Zacks Research, indicating a cautious outlook for the stock.
• The company reported a non-fulfillment of earnings expectations, with a Q2 EPS of $1.49, falling short of analyst estimates of $1.63.
• Institutional investors have significantly increased their stakes in Tennant, with ownership now at 93.33% among institutional investors and hedge funds.

Tennant (NYSE:TNC - Get Free Report) was upgraded by stock analysts at Zacks Research to a "hold" rating in a research report issued on Tuesday, August 12th,Zacks.com reports.

Tennant Price Performance

TNC stock traded down $2.0450 during trading on Tuesday, hitting $81.4950. 111,850 shares of the company's stock traded hands, compared to its average volume of 154,147. Tennant has a 52 week low of $67.32 and a 52 week high of $98.52. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 1.79 and a beta of 1.06. The business has a fifty day simple moving average of $80.35 and a 200 day simple moving average of $78.99. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.38 and a current ratio of 2.09.

Tennant (NYSE:TNC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.63 by ($0.14). Tennant had a return on equity of 16.41% and a net margin of 4.84%.The business had revenue of $318.60 million during the quarter, compared to the consensus estimate of $327.20 million. During the same quarter last year, the firm earned $1.83 earnings per share. The business's quarterly revenue was down 3.7% on a year-over-year basis. As a group, research analysts expect that Tennant will post 5.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Tennant

Several large investors have recently modified their holdings of TNC. Sterling Capital Management LLC increased its position in shares of Tennant by 668.9% during the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 301 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Tennant by 429.0% during the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 399 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Tennant by 194.8% during the 1st quarter. Farther Finance Advisors LLC now owns 619 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 409 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Tennant during the 1st quarter valued at approximately $59,000. Finally, Alta Fox Capital Management LLC bought a new position in shares of Tennant during the 1st quarter valued at approximately $73,000. Institutional investors own 93.33% of the company's stock.

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.