Tennant (NYSE:TNC) Sets New 1-Year Low – Here’s Why

Tennant (NYSE:TNC) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $79.09 and last traded at $79.09, with a volume of 840 shares traded. The stock had previously closed at $80.32.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TNC. StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Northcoast Research began coverage on shares of Tennant in a research note on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price on the stock.

Tennant Price Performance

The firm has a 50-day moving average of $85.65 and a 200-day moving average of $92.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The firm has a market capitalization of $1.48 billion, a P/E ratio of 13.86 and a beta of 1.01.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business had revenue of $315.80 million for the quarter, compared to the consensus estimate of $319.40 million. During the same period in the previous year, the company earned $1.34 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, analysts predict that Tennant will post 6.43 EPS for the current year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Friday, November 29th. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is presently 20.81%.

Institutional Trading of Tennant

A number of large investors have recently made changes to their positions in TNC. Assenagon Asset Management S.A. lifted its holdings in Tennant by 82.1% in the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock valued at $22,430,000 after acquiring an additional 105,319 shares during the period. American Century Companies Inc. increased its position in shares of Tennant by 79.8% during the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares during the last quarter. Eagle Asset Management Inc. bought a new position in shares of Tennant in the 3rd quarter worth approximately $3,873,000. Renaissance Technologies LLC boosted its holdings in shares of Tennant by 1,900.0% in the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after buying an additional 34,200 shares during the last quarter. Finally, Barclays PLC grew its position in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after buying an additional 27,712 shares during the period. 93.33% of the stock is currently owned by institutional investors.

Tennant Company Profile

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.