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

Tennant (NYSE:TNC - Get Free Report) was downgraded by investment analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a report issued on Friday.

Tennant Price Performance

TNC stock traded down $4.33 on Friday, reaching $83.24. The company had a trading volume of 133,328 shares, compared to its average volume of 117,560. Tennant has a 1 year low of $79.52 and a 1 year high of $124.11. The company has a market cap of $1.57 billion, a P/E ratio of 14.38 and a beta of 1.00. The company's fifty day moving average is $92.94 and its 200 day moving average is $99.40. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.38 by $0.01. Tennant had a return on equity of 22.23% and a net margin of 8.76%. The company had revenue of $315.80 million during the quarter, compared to analyst estimates of $319.40 million. During the same period in the prior year, the firm posted $1.34 earnings per share. The firm's revenue was up 3.6% on a year-over-year basis. On average, research analysts forecast that Tennant will post 6.48 earnings per share for the current year.

Hedge Funds Weigh In On Tennant

Institutional investors have recently added to or reduced their stakes in the company. Inspire Investing LLC lifted its position in shares of Tennant by 141.5% during the first quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company's stock worth $1,250,000 after purchasing an additional 6,021 shares during the last quarter. Vanguard Group Inc. lifted its stake in Tennant by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,291,226 shares of the industrial products company's stock worth $278,636,000 after purchasing an additional 40,711 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Tennant by 98.0% in the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company's stock worth $2,194,000 after purchasing an additional 11,034 shares during the period. TD Asset Management Inc boosted its holdings in Tennant by 129.3% in the second quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company's stock worth $1,309,000 after purchasing an additional 7,500 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in shares of Tennant by 6.8% during the first quarter. Acadian Asset Management LLC now owns 104,572 shares of the industrial products company's stock worth $12,712,000 after purchasing an additional 6,644 shares during the period. Institutional investors and hedge funds 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.

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