Tennant (NYSE:TNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report 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 reissued a “neutral” rating on shares of Tennant in a research report 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. Tennant has an average rating of “Hold” and an average price target of $65.00.
In related news, insider Thomas Paulson sold 6,694 shares of the firm’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $72.90, for a total value of $487,992.60. Following the completion of the transaction, the insider now directly owns 24,035 shares of the company’s stock, valued at $1,752,151.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.70% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC raised its stake in Tennant by 16.3% during the fourth quarter. Citadel Advisors LLC now owns 32,687 shares of the industrial products company’s stock worth $2,375,000 after acquiring an additional 4,578 shares in the last quarter. SNS Financial Group LLC acquired a new position in Tennant during the fourth quarter worth $231,000. BlackRock Inc. raised its stake in Tennant by 4.1% during the fourth quarter. BlackRock Inc. now owns 2,232,831 shares of the industrial products company’s stock worth $162,216,000 after acquiring an additional 88,731 shares in the last quarter. Rhumbline Advisers raised its stake in Tennant by 15.6% during the fourth quarter. Rhumbline Advisers now owns 43,788 shares of the industrial products company’s stock worth $3,181,000 after acquiring an additional 5,919 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Tennant by 224.0% during the fourth quarter. Arizona State Retirement System now owns 30,005 shares of the industrial products company’s stock worth $2,180,000 after acquiring an additional 20,744 shares in the last quarter. 91.22% of the stock is owned by hedge funds and other institutional investors.
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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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