Tennant (NYSE:TNC) Hits New 52-Week Low – What’s Next?

Tennant Company (NYSE:TNC)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $60.18 and last traded at $61.1390, with a volume of 38785 shares traded. The stock had previously closed at $61.03.

Analysts Set New Price Targets

TNC has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Tennant in a research note on Monday, December 29th. Zacks Research lowered shares of Tennant from a “hold” rating to a “strong sell” rating in a research report on Thursday. Freedom Capital downgraded shares of Tennant from a “strong-buy” rating to a “hold” rating in a report on Thursday. Wall Street Zen cut shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Roth Mkm reiterated a “buy” rating and set a $91.00 target price (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $91.00.

Tennant Stock Performance

The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average price of $77.13 and a 200 day moving average price of $78.02. The stock has a market cap of $1.10 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a dividend of $0.31 per share. The ex-dividend date is Friday, February 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.0%. Tennant’s dividend payout ratio (DPR) is currently 52.99%.

Institutional Trading of Tennant

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. River Road Asset Management LLC raised its stake in shares of Tennant by 131.0% during the 2nd quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock worth $19,823,000 after acquiring an additional 136,221 shares in the last quarter. American Century Companies Inc. increased its position in shares of Tennant by 54.2% during the second quarter. American Century Companies Inc. now owns 343,614 shares of the industrial products company’s stock worth $26,623,000 after purchasing an additional 120,793 shares in the last quarter. Vision One Management Partners LP lifted its holdings in shares of Tennant by 63.1% during the 3rd quarter. Vision One Management Partners LP now owns 291,864 shares of the industrial products company’s stock valued at $23,212,000 after purchasing an additional 112,873 shares during the last quarter. Millennium Management LLC boosted its position in shares of Tennant by 33.8% in the 4th quarter. Millennium Management LLC now owns 358,452 shares of the industrial products company’s stock worth $26,418,000 after purchasing an additional 90,611 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Tennant by 158.4% in the 4th quarter. Jane Street Group LLC now owns 94,461 shares of the industrial products company’s stock worth $6,962,000 after purchasing an additional 57,907 shares in the last quarter. Institutional investors own 93.33% of the company’s stock.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.