Tennant (NYSE:TNC) Reaches New 52-Week Low – Here’s Why

Tennant (NYSE:TNC)’s stock price reached 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 trading hands. The stock had previously closed at $69.99.

Analyst Ratings Changes

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

Tennant Price Performance

The company has a market cap of $1.28 billion, a PE ratio of 15.58 and a beta of 0.97. The stock has a fifty day simple moving average of $80.83 and a two-hundred day simple moving average of $84.59. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Tennant (NYSE:TNC) last issued its earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.39 by $0.13. The company had revenue of $328.90 million for the quarter, compared to analyst estimates of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. On average, equities analysts predict that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Announces Dividend

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

Tennant announced that its board has approved a share repurchase plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the sale, the senior vice president now owns 11,829 shares of the company’s stock, valued at $1,022,262.18. The trade was a 12.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the transaction, the insider now owns 25,770 shares of the company’s stock, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Tennant

Several institutional investors have recently made changes to their positions in TNC. Vanguard Group Inc. raised its stake in Tennant by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,394,271 shares of the industrial products company’s stock valued at $195,205,000 after acquiring an additional 12,422 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Tennant by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company’s stock valued at $48,688,000 after acquiring an additional 9,920 shares during the period. Millennium Management LLC lifted its position in Tennant by 143.6% in the fourth quarter. Millennium Management LLC now owns 462,838 shares of the industrial products company’s stock worth $37,735,000 after purchasing an additional 272,858 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Tennant by 1.4% in the third quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company’s stock valued at $41,971,000 after buying an additional 5,862 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Tennant by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock valued at $21,117,000 after acquiring an additional 5,890 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

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.