Tennant (NYSE:TNC) Sets New 12-Month Low – Here’s What Happened

Tennant (NYSE:TNC) hit a new 52-week low on Wednesday . The stock traded as low as $81.43 and last traded at $81.93, with a volume of 100266 shares traded. The stock had previously closed at $83.94.

Analyst Ratings Changes

Separately, StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st.

Tennant Price Performance

The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 14.21 and a beta of 1.00. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $88.77 and its 200 day moving average is $94.43.

Tennant (NYSE:TNC) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 EPS. Research analysts anticipate that Tennant will post 6.43 EPS for the current fiscal year.

Tennant Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $0.295 per share. This is an increase from Tennant’s previous quarterly dividend of $0.28. This represents a $1.18 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend was Friday, November 29th. Tennant’s dividend payout ratio (DPR) is presently 20.81%.

Hedge Funds Weigh In On Tennant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC increased its stake in Tennant by 290.9% in the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after buying an additional 288 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Tennant by 84.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 241 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in Tennant during the second quarter worth about $58,000. Point72 DIFC Ltd acquired a new stake in Tennant in the second quarter valued at about $71,000. Finally, nVerses Capital LLC purchased a new stake in Tennant in the 3rd quarter valued at approximately $77,000. Hedge funds and other 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.