Tennant (NYSE:TNC) Releases Quarterly Earnings Results, Beats Expectations By $0.42 EPS

Tennant (NYSE:TNC) announced its quarterly earnings results on Monday. The industrial products company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.42, FiscalAI reports. The firm had revenue of $322.30 million for the quarter, compared to analyst estimates of $330.75 million. Tennant had a return on equity of 13.32% and a net margin of 1.50%.

Tennant Stock Performance

NYSE:TNC traded up $2.62 on Monday, reaching $69.06. 171,716 shares of the company’s stock were exchanged, compared to its average volume of 210,957. Tennant has a 52 week low of $60.17 and a 52 week high of $91.93. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 67.71, a P/E/G ratio of 2.47 and a beta of 1.14. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.04 and a quick ratio of 1.37. The stock has a fifty day simple moving average of $67.69 and a 200-day simple moving average of $75.93.

Tennant Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, August 31st. Tennant’s dividend payout ratio (DPR) is currently 121.57%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Tennant from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research lowered shares of Tennant from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, August 10th. Finally, Weiss Ratings cut Tennant from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 11th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Tennant presently has an average rating of “Hold” and an average target price of $91.00.

Insider Activity at Tennant

In other news, Director Patrick E. Allen purchased 3,000 shares of Tennant stock in a transaction dated Monday, August 31st. The stock was purchased at an average cost of $69.42 per share, for a total transaction of $208,260.00. Following the transaction, the director directly owned 4,927 shares of the company’s stock, valued at approximately $342,032.34. This trade represents a 155.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy R. Morse purchased 1,500 shares of the stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost of $68.18 per share, for a total transaction of $102,270.00. Following the acquisition, the director owned 10,614 shares in the company, valued at approximately $723,662.52. This represents a 16.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 12,500 shares of company stock worth $849,250. 3.50% of the stock is owned by company insiders.

About Tennant

Tennant Company is a manufacturer of cleaning equipment and technologies for commercial, industrial and institutional customers. Its product portfolio includes floor scrubbers, sweepers, combination machines, carpet extractors, outdoor cleaning equipment and related vacuum systems. The company also offers cleaning solutions, replacement parts, maintenance programs and other services designed to support facility-management operations.

Tennant develops technology aimed at improving cleaning efficiency and reducing environmental impact.