Tennant (NYSE:TNC) Price Target Cut to $70.00 by Analysts at Sidoti
Tennant (NYSE:TNC) had its target price cut by equities research analysts at Sidoti from $97.00 to $70.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the industrial products company’s stock. Sidoti’s price target would suggest a potential upside of 23.67% from the company’s previous close.
TNC has been the subject of several other research reports. Dougherty & Co started coverage on Tennant in a research note on Wednesday, January 15th. They set a “buy” rating for the company. Zacks Investment Research raised Tennant from a “hold” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $81.50.
NYSE:TNC traded up $2.52 during trading hours on Thursday, hitting $56.60. 24,316 shares of the company’s stock traded hands, compared to its average volume of 99,333. The firm has a market cap of $980.23 million, a P/E ratio of 22.82, a P/E/G ratio of 1.31 and a beta of 1.21. Tennant has a 52 week low of $46.64 and a 52 week high of $87.06. The business’s fifty day simple moving average is $71.72 and its two-hundred day simple moving average is $74.42. The company has a quick ratio of 1.20, a current ratio of 1.75 and a debt-to-equity ratio of 0.85.
In related news, CEO Chris Killingstad sold 12,843 shares of Tennant stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $77.68, for a total transaction of $997,644.24. Following the completion of the sale, the chief executive officer now owns 168,008 shares of the company’s stock, valued at $13,050,861.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.60% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Mason Street Advisors LLC lifted its stake in shares of Tennant by 2.9% in the 4th quarter. Mason Street Advisors LLC now owns 6,363 shares of the industrial products company’s stock valued at $496,000 after acquiring an additional 181 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Tennant by 5.4% in the 4th quarter. Amalgamated Bank now owns 3,550 shares of the industrial products company’s stock valued at $277,000 after acquiring an additional 183 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of Tennant by 49.4% in the 4th quarter. Quantbot Technologies LP now owns 901 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 298 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Tennant by 1.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,857 shares of the industrial products company’s stock valued at $1,392,000 after acquiring an additional 330 shares during the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of Tennant by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 28,038 shares of the industrial products company’s stock valued at $1,982,000 after acquiring an additional 335 shares during the last quarter. 88.62% of the stock is owned by hedge funds and other institutional investors.
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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