Tennant (NYSE:TNC) Upgraded to “Strong-Buy” by StockNews.com

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

Tennant Stock Performance

Shares of TNC opened at $91.48 on Thursday. The company has a market cap of $1.73 billion, a PE ratio of 15.20 and a beta of 1.00. The firm has a 50-day moving average of $99.10 and a 200-day moving average of $105.77. Tennant has a one year low of $72.81 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $1.83 EPS for the quarter, topping 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%. Tennant’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $1.86 earnings per share. As a group, equities analysts forecast that Tennant will post 6.48 earnings per share for the current year.

Institutional Trading of Tennant

A number of hedge funds have recently modified their holdings of TNC. Trexquant Investment LP grew its position in shares of Tennant by 53.1% in the fourth quarter. Trexquant Investment LP now owns 37,636 shares of the industrial products company’s stock valued at $3,488,000 after purchasing an additional 13,060 shares during the last quarter. Norges Bank bought a new position in Tennant during the fourth quarter worth about $12,193,000. Inspire Investing LLC boosted its holdings in Tennant by 141.5% in the 1st quarter. Inspire Investing LLC now owns 10,277 shares of the industrial products company’s stock valued at $1,250,000 after purchasing an additional 6,021 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Tennant during the 4th quarter worth approximately $4,930,000. Finally, Nebula Research & Development LLC bought a new position in shares of Tennant during the fourth quarter worth approximately $821,000. 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.