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

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. The stock had previously closed at $81.07.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TNC. StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Northcoast Research initiated coverage on shares of Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company.

Tennant Price Performance

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 company has a market capitalization of $1.42 billion, a P/E ratio of 17.29 and a beta of 1.02. The business’s 50-day moving average is $84.92 and its two-hundred day moving average is $86.79.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The company had revenue of $328.90 million for the quarter, compared to analysts’ expectations of $324.00 million. As a group, analysts predict that Tennant will post 5.89 earnings per share for the current year.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a yield of 1.56%. Tennant’s dividend payout ratio is presently 26.94%.

Tennant declared that its board has approved a stock buyback plan on Thursday, February 13th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the company’s stock in a transaction on Monday, February 24th. The shares were 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 directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $148,383.14. Following the completion of the transaction, the senior vice president now owns 11,829 shares of the company’s stock, valued at approximately $1,022,262.18. The trade was a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Jane Street Group LLC raised its holdings in Tennant by 77.3% during the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company’s stock valued at $2,932,000 after acquiring an additional 13,311 shares during the period. Geode Capital Management LLC lifted its stake in shares of Tennant by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after purchasing an additional 5,862 shares during the last quarter. Barclays PLC boosted its stake in Tennant by 222.8% during the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock worth $3,857,000 after buying an additional 27,712 shares during the period. Janus Henderson Group PLC lifted its stake in Tennant by 4.0% in the third quarter. Janus Henderson Group PLC now owns 25,975 shares of the industrial products company’s stock worth $2,494,000 after purchasing an additional 1,008 shares during the last quarter. Finally, Amundi boosted its holdings in Tennant by 190.4% during the 4th quarter. Amundi now owns 9,666 shares of the industrial products company’s stock valued at $773,000 after acquiring an additional 6,338 shares during the period. Institutional investors own 93.33% of the company’s stock.

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.