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

Tennant (NYSE:TNC)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock 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.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st.

Tennant Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 14.21 and a beta of 1.00. The firm’s 50-day simple moving average is $88.77 and its two-hundred day simple moving average is $94.43.

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 analysts’ consensus estimates 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 analyst estimates of $319.40 million. During the same quarter in the prior year, the company earned $1.34 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Sell-side analysts predict that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, November 29th. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s payout ratio is 20.81%.

Institutional Investors Weigh In On Tennant

Large investors have recently added to or reduced their stakes in the business. CWM LLC raised its position in Tennant by 290.9% during the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 288 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Tennant by 84.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 241 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Tennant during the 2nd quarter worth approximately $58,000. Point72 DIFC Ltd purchased a new stake in Tennant in the 2nd quarter valued at approximately $71,000. Finally, nVerses Capital LLC acquired a new stake in Tennant during the 3rd quarter valued at $77,000. 93.33% of the stock is owned by institutional investors and hedge funds.

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.