Tennant (NYSE:TNC) Shares Down 4.5%

Tennant (NYSE:TNC)’s stock price dropped 4.5% on Thursday . The stock traded as low as $91.15 and last traded at $91.66. Approximately 43,763 shares changed hands during trading, a decline of 65% from the average daily volume of 124,851 shares. The stock had previously closed at $96.02.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Monday.

Tennant Trading Down 3.7 %

The firm has a market cap of $1.76 billion, a P/E ratio of 15.36 and a beta of 1.02. The company’s 50 day simple moving average is $100.99 and its 200-day simple moving average is $106.04. The company has a quick ratio of 1.46, a current ratio of 2.15 and a debt-to-equity ratio of 0.34.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.21%. The ex-dividend date is Friday, August 30th. Tennant’s dividend payout ratio (DPR) is presently 18.60%.

Institutional Trading of Tennant

Several institutional investors and hedge funds have recently modified their holdings of the stock. New York State Teachers Retirement System raised its holdings in shares of Tennant by 18.2% in the fourth quarter. New York State Teachers Retirement System now owns 10,998 shares of the industrial products company’s stock valued at $1,019,000 after acquiring an additional 1,693 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Tennant by 930.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 37,159 shares of the industrial products company’s stock valued at $3,444,000 after purchasing an additional 33,552 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in Tennant during the fourth quarter valued at approximately $862,000. Strs Ohio bought a new position in Tennant in the fourth quarter worth approximately $852,000. Finally, Mackenzie Financial Corp purchased a new stake in Tennant during the fourth quarter worth $231,000. Institutional investors own 93.33% of the company’s stock.

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.