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

Shares of Tennant (NYSE:TNC) 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 traded. The stock had previously closed at $80.32.

Wall Street Analyst Weigh In

TNC has been the topic of a number of recent research reports. Northcoast Research began coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target on the stock. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st.

Tennant Stock Performance

The company has a 50 day simple moving average of $85.65 and a 200-day simple moving average of $92.68. 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 stock has a market cap of $1.48 billion, a P/E ratio of 13.86 and a beta of 1.01.

Tennant (NYSE:TNC) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.05). The business 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 company’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business posted $1.34 earnings per share. On average, equities analysts expect that Tennant will post 6.43 earnings per share for the current fiscal year.

Tennant Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.295 dividend. This is a boost from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, November 29th. This represents a $1.18 annualized dividend and a dividend yield of 1.50%. Tennant’s dividend payout ratio (DPR) is currently 20.81%.

Institutional Trading of Tennant

Institutional investors have recently modified their holdings of the company. Franklin Resources Inc. increased its position in Tennant by 1.3% during the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after purchasing an additional 169 shares during the period. Arizona State Retirement System increased its position in shares of Tennant by 3.6% during the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock valued at $497,000 after buying an additional 176 shares during the period. Dorsey & Whitney Trust CO LLC raised its stake in Tennant by 0.5% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock worth $4,848,000 after buying an additional 239 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Tennant by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock worth $4,173,000 after buying an additional 239 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings 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 acquiring an additional 241 shares during the period. 93.33% of the stock is currently owned by hedge funds and other 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.