Tennant (NYSE:TNC) Hits New 12-Month Low – What’s Next?

Tennant (NYSE:TNC) reached a new 52-week low on Thursday . The stock traded as low as $75.49 and last traded at $75.49, with a volume of 13001 shares trading hands. The stock had previously closed at $81.07.

Analyst Upgrades and Downgrades

Several analysts recently commented on TNC shares. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Northcoast Research began coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company.

Tennant Trading Down 1.6 %

The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.40 billion, a PE ratio of 16.97 and a beta of 1.02. The stock’s fifty day simple moving average is $84.47 and its 200 day simple moving average is $86.59.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. On average, sell-side analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.295 per share. The ex-dividend date was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.59%. Tennant’s payout ratio is currently 26.94%.

Tennant announced that its board has initiated a stock buyback program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $86.42, for a total value of $148,383.14. Following the sale, the senior vice president now owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This represents a 12.68 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNC. Summit Investment Advisors Inc. raised its position in shares of Tennant by 7.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,983 shares of the industrial products company’s stock valued at $162,000 after buying an additional 142 shares during the last quarter. Albert D Mason Inc. grew its stake in Tennant by 1.5% during the fourth quarter. Albert D Mason Inc. now owns 9,811 shares of the industrial products company’s stock valued at $800,000 after acquiring an additional 145 shares in the last quarter. Franklin Resources Inc. increased its holdings in Tennant by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after acquiring an additional 169 shares during the last quarter. Accredited Investors Inc. increased its holdings in Tennant by 1.4% in the 4th quarter. Accredited Investors Inc. now owns 13,348 shares of the industrial products company’s stock valued at $1,088,000 after acquiring an additional 186 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in Tennant by 5.7% in the 4th quarter. Bank of Montreal Can now owns 3,672 shares of the industrial products company’s stock worth $299,000 after purchasing an additional 199 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

About Tennant

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.