Tennant (NYSE:TNC) Raised to "Hold" at Zacks Research

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 report released on Tuesday,Zacks.com reports.

Tennant Stock Performance

Shares of NYSE TNC traded down $0.78 during trading on Tuesday, reaching $81.91. 12,719 shares of the company traded hands, compared to its average volume of 154,354. The firm's fifty day simple moving average is $79.83 and its 200 day simple moving average is $79.10. The stock has a market cap of $1.51 billion, a P/E ratio of 25.52, a PEG ratio of 1.85 and a beta of 1.06. Tennant has a 12-month low of $67.32 and a 12-month high of $98.52. The company has a current ratio of 2.09, a quick ratio of 1.38 and a debt-to-equity ratio of 0.33.

Tennant (NYSE:TNC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $1.49 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $327.20 million. During the same quarter in the prior year, the company posted $1.83 EPS. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, research analysts anticipate that Tennant will post 5.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TNC. Sterling Capital Management LLC raised its position in Tennant by 668.9% in the fourth 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 period. GAMMA Investing LLC raised its position in Tennant by 429.0% in the first 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 period. Farther Finance Advisors LLC raised its position in Tennant by 194.8% in the first 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 period. Banque Transatlantique SA purchased a new stake in Tennant in the first quarter valued at approximately $59,000. Finally, Alta Fox Capital Management LLC purchased a new stake in shares of Tennant during the first quarter worth $73,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

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.

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