Tennant (NYSE:TNC) had its price target dropped by equities researchers at Sidoti from $97.00 to $70.00 in a report issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the industrial products company’s stock. Sidoti’s price objective would indicate a potential upside of 23.67% from the company’s previous close.
Several other equities research analysts have also recently weighed in on the company. Dougherty & Co began coverage on Tennant in a research note on Wednesday, January 15th. They issued 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 target for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $81.50.
Shares of TNC stock traded up $2.52 on Thursday, hitting $56.60. 24,316 shares of the company’s stock were exchanged, compared to its average volume of 99,333. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.75 and a quick ratio of 1.20. Tennant has a 12 month low of $46.64 and a 12 month high of $87.06. The stock has a market cap of $980.23 million, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. The company has a 50 day moving average of $71.72 and a 200 day moving average of $74.42.
In other news, CEO Chris Killingstad sold 12,843 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $77.68, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new stake in Tennant during the fourth quarter worth approximately $295,000. Millennium Management LLC bought a new position in Tennant in the third quarter worth approximately $404,000. Ancora Advisors LLC bought a new position in Tennant in the third quarter worth approximately $802,000. California Public Employees Retirement System boosted its holdings in Tennant by 7.1% in the fourth quarter. California Public Employees Retirement System now owns 42,030 shares of the industrial products company’s stock worth $3,275,000 after acquiring an additional 2,799 shares in the last quarter. Finally, State Street Corp boosted its holdings in Tennant by 1.9% in the third quarter. State Street Corp now owns 529,050 shares of the industrial products company’s stock worth $37,404,000 after acquiring an additional 10,044 shares in the last quarter. 88.62% of the stock is owned by institutional investors and hedge funds.
Tennant Company Profile
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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