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

Tennant (NYSE:TNC) hit a new 52-week low during trading on Monday . The stock traded as low as $67.57 and last traded at $67.89, with a volume of 30442 shares changing hands. The stock had previously closed at $69.99.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th.

Tennant Trading Down 2.5 %

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 $1.28 billion, a price-to-earnings ratio of 15.58 and a beta of 0.97. The company has a 50-day moving average price of $80.83 and a 200-day moving average price of $84.59.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $324.00 million. Research analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is presently 26.94%.

Tennant announced that its Board of Directors has approved a stock buyback plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $87.58, for a total value of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the business’s 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 directly owns 11,829 shares of the company’s stock, valued at $1,022,262.18. This represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Tennant

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