Jefferies Group LLC Increases Tennant Company (TNC) Price Target to $65.00

Tennant Company (NYSE:TNC) had its target price raised by Jefferies Group LLC from $62.00 to $65.00 in a research note issued to investors on Thursday. The brokerage currently has a “hold” rating on the industrial products company’s stock. Jefferies Group LLC’s target price would suggest a potential downside of 10.34% from the stock’s current price.

TNC has been the topic of a number of other reports. Zacks Investment Research raised shares of Tennant Company from a “sell” rating to a “hold” rating in a research note on Thursday, January 5th. Canaccord Genuity lowered shares of Tennant Company from a “buy” rating to a “hold” rating in a research note on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $69.00.

Tennant Company (NYSE:TNC) traded up 1.90% during trading on Thursday, reaching $72.50. The company had a trading volume of 47,830 shares. Tennant Company has a 52-week low of $49.97 and a 52-week high of $76.80. The company has a 50-day moving average of $71.30 and a 200-day moving average of $69.79. The firm has a market capitalization of $1.28 billion, a P/E ratio of 27.99 and a beta of 1.04.

Tennant Company (NYSE:TNC) last released its quarterly earnings data on Thursday, February 23rd. The industrial products company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. Tennant Company had a net margin of 5.54% and a return on equity of 17.78%. The firm had revenue of $211.70 million for the quarter, compared to analyst estimates of $213.61 million. During the same period last year, the firm earned $0.78 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts expect that Tennant Company will post $2.63 EPS for the current fiscal year.

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In other news, Director Steven Alan Sonnenberg sold 6,000 shares of the stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $72.17, for a total value of $433,020.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Heidi M. Wilson sold 5,790 shares of the stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $71.65, for a total transaction of $414,853.50. Following the completion of the sale, the senior vice president now owns 25,433 shares of the company’s stock, valued at approximately $1,822,274.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,290 shares of company stock valued at $1,385,699. 5.60% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in TNC. Arrowpoint Asset Management LLC increased its stake in shares of Tennant Company by 3.5% in the fourth quarter. Arrowpoint Asset Management LLC now owns 1,260,653 shares of the industrial products company’s stock valued at $89,758,000 after buying an additional 42,046 shares in the last quarter. BlackRock Fund Advisors increased its stake in Tennant Company by 6.5% in the third quarter. BlackRock Fund Advisors now owns 1,202,349 shares of the industrial products company’s stock worth $77,912,000 after buying an additional 72,929 shares during the period. Dimensional Fund Advisors LP increased its stake in Tennant Company by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 608,630 shares of the industrial products company’s stock worth $43,335,000 after buying an additional 4,754 shares during the period. State Street Corp increased its stake in Tennant Company by 6.7% in the fourth quarter. State Street Corp now owns 394,435 shares of the industrial products company’s stock worth $28,079,000 after buying an additional 24,647 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Tennant Company by 57.7% in the third quarter. Lazard Asset Management LLC now owns 295,505 shares of the industrial products company’s stock worth $19,148,000 after buying an additional 108,138 shares during the period. Institutional investors own 88.32% of the company’s stock.

About Tennant Company

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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