Tennant (NYSE:TNC) Sets New 12-Month Low – Here’s What Happened

Tennant (NYSE:TNC) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $81.43 and last traded at $81.93, with a volume of 100266 shares. The stock had previously closed at $83.94.

Analysts Set New Price Targets

TNC has been the topic of several recent research reports. Northcoast Research assumed coverage on shares of Tennant in a report on Thursday. They issued a “buy” rating and a $125.00 price target on the stock. StockNews.com lowered Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Down 1.7 %

The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 14.16 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $88.32 and its two-hundred day moving average is $94.25.

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

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.47%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, November 29th. Tennant’s dividend payout ratio (DPR) is presently 20.81%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Eagle Asset Management Inc. purchased a new position in Tennant during the third quarter worth approximately $3,873,000. Algert Global LLC increased its stake in Tennant by 16.3% during the third quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock worth $4,167,000 after acquiring an additional 6,085 shares during the last quarter. Victory Capital Management Inc. increased its stake in Tennant by 98.0% during the second quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock worth $2,194,000 after acquiring an additional 11,034 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Tennant by 129.3% in the 2nd quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock worth $1,309,000 after purchasing an additional 7,500 shares during the period. Finally, Cornercap Investment Counsel Inc. acquired a new position in shares of Tennant in the 2nd quarter valued at about $1,055,000. Institutional investors and hedge funds 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.