Tennant (NYSE:TNC) Stock Rating Raised to Buy at Freedom Broker

Key Points

• Freedom Broker upgraded Tennant to Buy from Hold and raised its price target to $85 from $77, implying 16.23% upside from the prior close.
• Analyst views remain mixed: two rate the stock Buy, two Hold, and one Sell; MarketBeat reports an average rating of Hold and an average price target of $88.
• Tennant reported quarterly EPS of $1.40, beating estimates of $0.98, while revenue of $322.3 million fell short of expectations but rose 6.3% year over year.

Tennant (NYSE:TNC - Get Free Report) was upgraded by Freedom Broker from a "hold" rating to a "buy" rating in a report released on Thursday, Benzinga reports. The brokerage currently has a $85.00 price objective on the industrial products company's stock, up from their prior price objective of $77.00. Freedom Broker's price target points to a potential upside of 16.23% from the company's previous close.

A number of other research analysts also recently issued reports on TNC. Zacks Research downgraded Tennant from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, August 10th. Wall Street Zen lowered shares of Tennant from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of Tennant from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, September 11th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $88.00.

Tennant Stock Up 1.3%

TNC stock opened at $73.13 on Thursday. The stock's 50 day simple moving average is $67.84 and its 200 day simple moving average is $75.82. The company has a market cap of $1.25 billion, a P/E ratio of 54.58, a price-to-earnings-growth ratio of 2.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.37 and a current ratio of 2.18. Tennant has a fifty-two week low of $60.17 and a fifty-two week high of $91.93.

Tennant (NYSE:TNC - Get Free Report) last issued its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.42. Tennant had a return on equity of 13.30% and a net margin of 1.85%. The company had revenue of $322.30 million for the quarter, compared to analyst estimates of $330.75 million. During the same period in the prior year, the firm earned $1.46 earnings per share. Tennant's revenue for the quarter was up 6.3% on a year-over-year basis. On average, research analysts expect that Tennant will post 3.95 earnings per share for the current fiscal year.

Insider Activity at Tennant

In other Tennant news, Director Donal L. Mulligan bought 8,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was purchased at an average price of $67.34 per share, for a total transaction of $538,720.00. Following the completion of the transaction, the director directly owned 16,000 shares of the company's stock, valued at $1,077,440. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Patrick E. Allen bought 3,000 shares of Tennant stock in a transaction dated Monday, August 31st. The stock was acquired at an average price of $69.42 per share, with a total value of $208,260.00. Following the purchase, the director directly owned 4,927 shares of the company's stock, valued at approximately $342,032.34. This represents a 155.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 12,500 shares of company stock worth $849,250. Company insiders own 3.50% of the company's stock.

Institutional Trading of Tennant

Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Tennant during the second quarter worth about $236,255,000. Gamco Investors INC. ET AL lifted its position in Tennant by 40.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 706,400 shares of the industrial products company's stock worth $46,905,000 after buying an additional 203,802 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Tennant by 8.4% in the first quarter. Dimensional Fund Advisors LP now owns 634,158 shares of the industrial products company's stock worth $42,106,000 after buying an additional 49,136 shares in the last quarter. Bank of New York Mellon Corp grew its position in Tennant by 27.3% during the first quarter. Bank of New York Mellon Corp now owns 333,187 shares of the industrial products company's stock valued at $22,124,000 after acquiring an additional 71,437 shares during the last quarter. Finally, Gabelli Funds LLC grew its position in Tennant by 11.6% during the first quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company's stock valued at $13,260,000 after acquiring an additional 20,808 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.

About Tennant

Tennant Company is a manufacturer of cleaning equipment and technologies for commercial, industrial and institutional customers. Its product portfolio includes floor scrubbers, sweepers, combination machines, carpet extractors, outdoor cleaning equipment and related vacuum systems. The company also offers cleaning solutions, replacement parts, maintenance programs and other services designed to support facility-management operations.

Tennant develops technology aimed at improving cleaning efficiency and reducing environmental impact.

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