Tennant (NYSE:TNC) shares were up 13.3% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $78.64 and last traded at $76.11, approximately 251,628 shares changed hands during mid-day trading. An increase of 234% from the average daily volume of 75,341 shares. The stock had previously closed at $67.17.
The industrial products company reported $1.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.34. Tennant had a return on equity of 14.20% and a net margin of 3.19%. The company had revenue of $299.70 million during the quarter, compared to analysts’ expectations of $301.00 million. During the same quarter in the previous year, the business earned $0.82 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis.
Separately, Zacks Investment Research cut Tennant from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th.
Hedge funds and other institutional investors have recently modified their holdings of the business. Bessemer Group Inc. purchased a new stake in Tennant in the second quarter valued at approximately $49,000. Quantamental Technologies LLC lifted its stake in Tennant by 79.9% in the first quarter. Quantamental Technologies LLC now owns 894 shares of the industrial products company’s stock valued at $56,000 after buying an additional 397 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in Tennant in the first quarter valued at approximately $85,000. Actinver Wealth Management Inc. purchased a new stake in Tennant in the fourth quarter valued at approximately $216,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Tennant by 2,818.2% in the first quarter. Nisa Investment Advisors LLC now owns 3,210 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 3,100 shares during the period. Institutional investors own 84.68% of the company’s stock.
The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 34.91 and a beta of 1.16. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.10 and a current ratio of 1.69. The firm’s fifty day moving average is $62.53.
About Tennant (NYSE:TNC)
Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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