Tennant (NYSE:TNC) Hits New 1-Year Low – What’s Next?

Tennant (NYSE:TNC) hit a new 52-week low on Tuesday . The stock traded as low as $79.35 and last traded at $80.27, with a volume of 115444 shares traded. The stock had previously closed at $80.29.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. 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 debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 14.22 and a beta of 1.00. The stock has a 50-day moving average price of $87.53 and a 200 day moving average price of $93.74.

Tennant (NYSE:TNC) last released 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 firm had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.34 EPS. As a group, equities research analysts forecast that Tennant will post 6.43 earnings per share for the current fiscal year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.295 dividend. This is an increase 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 yield of 1.46%. Tennant’s dividend payout ratio is 20.81%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TNC. Eagle Asset Management Inc. acquired a new stake in shares of Tennant during the third quarter worth about $3,873,000. Algert Global LLC lifted its position in Tennant by 16.3% during the 3rd quarter. Algert Global LLC now owns 43,391 shares of the industrial products company’s stock worth $4,167,000 after acquiring an additional 6,085 shares during the period. Victory Capital Management Inc. grew its stake in shares of Tennant by 98.0% in the 2nd quarter. Victory Capital Management Inc. now owns 22,290 shares of the industrial products company’s stock valued at $2,194,000 after purchasing an additional 11,034 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Tennant by 129.3% during the second quarter. TD Asset Management Inc now owns 13,300 shares of the industrial products company’s stock worth $1,309,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new stake in shares of Tennant during the second quarter worth approximately $1,055,000. 93.33% of the stock is currently 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.