Tennant (NYSE:TNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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 reiterated 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 given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $65.00.
In other news, insider Thomas Paulson sold 6,694 shares of the stock in a transaction dated Thursday, January 11th. The shares were sold at an average price of $72.90, for a total transaction of $487,992.60. Following the completion of the sale, the insider now owns 24,035 shares in the company, valued at $1,752,151.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.70% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN raised its holdings in Tennant by 0.9% during the second quarter. Wells Fargo & Company MN now owns 16,516 shares of the industrial products company’s stock worth $1,218,000 after purchasing an additional 142 shares in the last quarter. Teachers Advisors LLC raised its holdings in Tennant by 6.8% during the second quarter. Teachers Advisors LLC now owns 37,067 shares of the industrial products company’s stock worth $2,736,000 after purchasing an additional 2,364 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in Tennant by 0.4% during the second quarter. TIAA CREF Investment Management LLC now owns 52,866 shares of the industrial products company’s stock worth $3,902,000 after purchasing an additional 199 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Tennant by 0.8% during the second quarter. Ameriprise Financial Inc. now owns 94,608 shares of the industrial products company’s stock worth $6,982,000 after purchasing an additional 715 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Tennant by 4.8% during the second quarter. New York State Common Retirement Fund now owns 19,600 shares of the industrial products company’s stock worth $1,446,000 after purchasing an additional 899 shares in the last quarter. Institutional investors and hedge funds own 91.22% of the company’s stock.
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Tennant Company Profile
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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