Tennant (NYSE:TNC) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Tennant (TNC) from "strong sell" to "hold," and multiple other firms have moved ratings toward hold, leaving a MarketBeat consensus rating of "Hold" with an average price target of $91.00.
• Significant insider activity occurred recently: a director sold 3,694 shares at about $63.86 while another director bought 3,000 shares at $61.61, and insiders purchased 20,163 shares (~$1.26M) over the past 90 days; the stock trades near $81.92 with a $1.48B market cap and a 52-week range of $60.17–$85.90.

Tennant (NYSE:TNC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings raised shares of Tennant from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday. Freedom Capital lowered Tennant from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. Wall Street Zen cut Tennant from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $91.00 price target (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $91.00.

Tennant Price Performance

Shares of TNC opened at $81.92 on Monday. The stock has a market capitalization of $1.48 billion, a P/E ratio of 35.01, a P/E/G ratio of 2.44 and a beta of 0.98. Tennant has a twelve month low of $60.17 and a twelve month high of $85.90. The company has a 50 day moving average of $70.70 and a 200-day moving average of $74.65. The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45.

Insider Transactions at Tennant

In other Tennant news, Director David Windley sold 3,694 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $63.86, for a total value of $235,898.84. Following the sale, the director owned 7,422 shares in the company, valued at $473,968.92. This represents a 33.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donal L. Mulligan acquired 3,000 shares of the company's stock in a transaction on Friday, February 27th. The stock was acquired at an average price of $61.61 per share, for a total transaction of $184,830.00. Following the purchase, the director directly owned 8,000 shares of the company's stock, valued at approximately $492,880. This trade represents a 60.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 20,163 shares of company stock valued at $1,261,674. Company insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Tennant

Large investors have recently made changes to their positions in the company. Salomon & Ludwin LLC bought a new position in shares of Tennant during the third quarter worth approximately $28,000. CoreCap Advisors LLC acquired a new stake in Tennant during the third quarter worth approximately $30,000. Hantz Financial Services Inc. grew its position in Tennant by 85.1% during the fourth quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company's stock worth $28,000 after buying an additional 177 shares in the last quarter. UMB Bank n.a. grew its position in Tennant by 1,778.6% during the fourth quarter. UMB Bank n.a. now owns 526 shares of the industrial products company's stock worth $39,000 after buying an additional 498 shares in the last quarter. Finally, Whittier Trust Co. acquired a new stake in Tennant during the third quarter worth approximately $74,000. Institutional investors own 93.33% of the company's stock.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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