Tennant (NYSE:TNC) Upgraded at Freedom Broker

Tennant (NYSE:TNC) was upgraded by equities researchers at Freedom Broker from a “hold” rating to a “buy” rating in a research note issued on Thursday, Benzinga reports. The brokerage presently 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 target price indicates a potential upside of 16.23% from the stock’s previous close.

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

Tennant Stock Up 1.3%

TNC opened at $73.13 on Thursday. Tennant has a 12 month low of $60.17 and a 12 month high of $91.93. The company has a current ratio of 2.18, a quick ratio of 1.37 and a debt-to-equity ratio of 0.65. The business’s 50-day moving average price is $67.84 and its 200-day moving average price is $75.82. The company has a market cap of $1.25 billion, a P/E ratio of 54.58, a P/E/G ratio of 2.61 and a beta of 1.14.

Tennant (NYSE:TNC) last issued its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $330.75 million. During the same period in the prior year, the business posted $1.46 EPS. Tennant’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts expect that Tennant will post 3.95 EPS for the current year.

Insider Buying and Selling at Tennant

In other news, Director Donal Mulligan bought 8,000 shares of Tennant stock in a transaction on Wednesday, August 12th. The shares were purchased at an average price of $67.34 per share, for a total transaction of $538,720.00. Following the acquisition, the director owned 16,000 shares of the company’s stock, valued at approximately $1,077,440. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy Morse bought 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average cost of $68.18 per share, with a total value of $102,270.00. Following the transaction, the director directly owned 10,614 shares in the company, valued at approximately $723,662.52. This represents a 16.46% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 12,500 shares of company stock valued at $849,250. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tennant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new position in Tennant in the second quarter worth $6,178,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Tennant during the 2nd quarter valued at $2,950,000. Gabelli Funds LLC boosted its holdings in shares of Tennant by 11.6% during the 1st quarter. Gabelli Funds LLC now owns 199,700 shares of the industrial products company’s stock valued at $13,260,000 after buying an additional 20,808 shares in the last quarter. WINTON GROUP Ltd grew its position in shares of Tennant by 181.7% in the 2nd quarter. WINTON GROUP Ltd now owns 41,389 shares of the industrial products company’s stock worth $3,623,000 after buying an additional 26,697 shares during the period. Finally, BlackRock Inc. purchased a new stake in shares of Tennant in the 2nd quarter worth about $236,255,000. 93.33% of the stock is 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.