Tennant (NYSE:TNC) Trading Down 2.9% - Time to Sell?

Tennant (NYSE:TNC - Get Free Report)'s share price fell 2.9% during mid-day trading on Friday . The company traded as low as $85.00 and last traded at $85.00. 6,314 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 116,961 shares. The stock had previously closed at $87.56.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Tennant from a "buy" rating to a "strong-buy" rating in a research report on Thursday, September 5th.

Tennant Trading Down 4.9 %

The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.57 billion, a PE ratio of 14.37 and a beta of 1.00. The business has a fifty day moving average price of $93.20 and a 200 day moving average price of $99.63.

Tennant (NYSE:TNC - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01. The company had revenue of $315.80 million for the quarter, compared to analyst estimates of $319.40 million. Tennant had a net margin of 8.76% and a return on equity of 22.23%. The firm's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.34 earnings per share. Analysts forecast that Tennant will post 6.48 EPS for the current year.

Tennant Announces Dividend

The company also recently announced a dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.295 per share. The ex-dividend date is Friday, November 29th. Tennant's dividend payout ratio (DPR) is currently 19.34%.

Hedge Funds Weigh In On Tennant

A number of institutional investors have recently modified their holdings of the business. CWM LLC lifted its position in Tennant by 290.9% during the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company's stock worth $38,000 after acquiring an additional 288 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in Tennant in the 2nd quarter valued at $58,000. Point72 DIFC Ltd purchased a new position in Tennant during the 2nd quarter worth $71,000. nVerses Capital LLC acquired a new stake in shares of Tennant in the 3rd quarter worth $77,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Tennant in the first quarter valued at about $86,000. 93.33% of the stock is owned by institutional investors and hedge funds.

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.