Tennant (NYSE:TNC) Sets New 52-Week Low – Time to Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TNC shares. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research initiated coverage on Tennant in a research note on Thursday. They set a “buy” rating and a $125.00 price objective on the stock.

Tennant Price Performance

The business’s 50 day moving average price is $88.32 and its 200-day moving average price is $94.25. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.52 billion, a PE ratio of 14.16 and a beta of 1.00.

Tennant (NYSE:TNC) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.05). The firm had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.34 EPS. As a group, analysts forecast that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.295 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.47%. This is an increase from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio is currently 20.81%.

Institutional Trading of Tennant

A number of hedge funds have recently made changes to their positions in TNC. Franklin Resources Inc. boosted its stake in Tennant by 1.3% during the 3rd quarter. Franklin Resources Inc. now owns 12,908 shares of the industrial products company’s stock valued at $1,213,000 after acquiring an additional 169 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Tennant by 3.6% during the second quarter. Arizona State Retirement System now owns 5,053 shares of the industrial products company’s stock worth $497,000 after purchasing an additional 176 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in shares of Tennant by 0.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 49,251 shares of the industrial products company’s stock worth $4,848,000 after purchasing an additional 239 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tennant by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 43,451 shares of the industrial products company’s stock worth $4,173,000 after purchasing an additional 239 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company’s stock valued at $51,000 after buying an additional 241 shares during the last quarter. Institutional investors and hedge funds own 93.33% of the company’s stock.

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.