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

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on TNC. StockNews.com cut 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 report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target on the stock.

Tennant Stock Down 0.3 %

The firm’s 50 day moving average price is $85.11 and its 200-day moving average price is $92.37. The company has a market cap of $1.51 billion, a P/E ratio of 14.12 and a beta of 1.01. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.05). Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $315.80 million during the quarter, compared to the consensus estimate of $319.40 million. During the same period in the previous year, the company posted $1.34 EPS. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities research analysts expect 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 given a dividend of $0.295 per share. This is a boost from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend 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. Point72 Asia Singapore Pte. Ltd. grew its holdings in Tennant by 84.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 241 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Tennant in the second quarter worth about $58,000. Point72 DIFC Ltd bought a new position in Tennant during the 2nd quarter valued at approximately $71,000. nVerses Capital LLC bought a new position in shares of Tennant during the third quarter valued at approximately $77,000. Finally, TD Private Client Wealth LLC increased its position in Tennant by 43.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 255 shares during the period. 93.33% of the stock is 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.