Tennant (TNC) Stock Rating Lowered by TheStreet
Tennant (NYSE:TNC) was downgraded by equities researchers at TheStreet from a “b” rating to a “c+” rating in a report issued on Thursday.
Other equities analysts have also recently issued research reports about the stock. ValuEngine cut shares of Tennant from a “buy” rating to a “hold” rating in a research note on Friday. Zacks Investment Research cut shares of Tennant from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th.
TNC stock traded down $1.64 during trading on Thursday, hitting $64.88. 76,509 shares of the stock traded hands, compared to its average volume of 108,914. Tennant has a 1 year low of $59.00 and a 1 year high of $86.03. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 42.13, a price-to-earnings-growth ratio of 3.68 and a beta of 0.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.81.
In other news, SVP David W. Huml sold 6,550 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $79.57, for a total value of $521,183.50. Following the transaction, the senior vice president now owns 10,213 shares in the company, valued at approximately $812,648.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas Paulson sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $78.30, for a total transaction of $1,174,500.00. Following the completion of the transaction, the chief financial officer now owns 40,007 shares in the company, valued at approximately $3,132,548.10. The disclosure for this sale can be found here. Insiders have sold a total of 34,966 shares of company stock worth $2,703,896 in the last 90 days. Company insiders own 5.60% of the company’s stock.
Large investors have recently modified their holdings of the company. Citadel Advisors LLC lifted its stake in shares of Tennant by 44.3% in the 2nd quarter. Citadel Advisors LLC now owns 73,839 shares of the industrial products company’s stock worth $5,833,000 after purchasing an additional 22,674 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Tennant in the 2nd quarter worth approximately $301,000. Schwab Charles Investment Management Inc. lifted its stake in shares of Tennant by 7.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 153,731 shares of the industrial products company’s stock worth $12,145,000 after purchasing an additional 11,090 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Tennant by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 137,053 shares of the industrial products company’s stock worth $9,278,000 after purchasing an additional 3,467 shares during the period. Finally, Granahan Investment Management Inc. MA lifted its stake in shares of Tennant by 8.9% in the 2nd quarter. Granahan Investment Management Inc. MA now owns 128,101 shares of the industrial products company’s stock worth $10,120,000 after purchasing an additional 10,455 shares during the period. Hedge funds and other institutional investors own 86.37% of the company’s stock.
Tennant Company designs, manufactures, and markets floor cleaning equipment. It 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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