Zacks Investment Research Lowers Tennant (TNC) to Sell
Zacks Investment Research cut shares of Tennant (NYSE:TNC) from a hold rating to a sell rating in a research report released on Saturday.
According to Zacks, “Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis, MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly in 15 countries and through distributors in more than 80 countries. “
Separately, Dougherty & Co reissued a neutral rating on shares of Tennant in a research note on Sunday, November 12th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company presently has a consensus rating of Hold and an average target price of $65.00.
In related news, insider Thomas Paulson sold 6,694 shares of Tennant stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $72.90, for a total transaction of $487,992.60. Following the transaction, the insider now owns 24,035 shares of the company’s stock, valued at approximately $1,752,151.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in TNC. Ameritas Investment Partners Inc. boosted its stake in Tennant by 9.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,548 shares of the industrial products company’s stock worth $114,000 after acquiring an additional 128 shares during the last quarter. Flinton Capital Management LLC boosted its stake in Tennant by 85.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock worth $130,000 after acquiring an additional 816 shares during the last quarter. Quantbot Technologies LP boosted its stake in Tennant by 1,013.0% during the 3rd quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock worth $147,000 after acquiring an additional 2,026 shares during the last quarter. Magnetar Financial LLC bought a new position in Tennant during the 3rd quarter worth approximately $204,000. Finally, OxFORD Asset Management LLP bought a new position in Tennant in the second quarter valued at approximately $206,000. 89.17% of the stock is currently owned by institutional investors and hedge funds.
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Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.
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