Tennant (NYSE:TNC) Sets New 12-Month Low – Time to Sell?

Tennant (NYSE:TNC) hit a new 52-week low during trading on Thursday . The stock traded as low as $75.49 and last traded at $75.49, with a volume of 13001 shares trading hands. The stock had previously closed at $81.07.

Analysts Set New Price Targets

A number of analysts have commented on TNC shares. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Northcoast Research started coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 price objective for the company.

Tennant Stock Down 6.7 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 1.97. The stock has a fifty day moving average price of $84.92 and a 200-day moving average price of $86.79. The firm has a market cap of $1.42 billion, a PE ratio of 17.29 and a beta of 1.02.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. Research analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, February 28th. Tennant’s dividend payout ratio (DPR) is 26.94%.

Tennant declared that its board has authorized a stock buyback plan on Thursday, February 13th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Tennant

In other news, SVP Barb Balinski sold 1,717 shares of the firm’s 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 transaction, the senior vice president now owns 11,829 shares in the company, valued at approximately $1,022,262.18. This trade represents a 12.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard H. Zay sold 7,053 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the transaction, the insider now owns 25,770 shares in the company, valued at $2,256,936.60. The trade was a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Tennant

A number of hedge funds have recently modified their holdings of TNC. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 12,422 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Tennant by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 597,181 shares of the industrial products company’s stock worth $48,688,000 after acquiring an additional 9,920 shares during the last quarter. Millennium Management LLC boosted its position in shares of Tennant by 143.6% during 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 in the last quarter. Geode Capital Management LLC grew its stake in 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 acquiring an additional 5,862 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Tennant by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 259,009 shares of the industrial products company’s stock valued at $21,117,000 after buying an additional 5,890 shares during the period. Institutional investors own 93.33% of the company’s stock.

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.