Tennant (NYSE:TNC) Sets New 52-Week Low - Here's Why

Tennant (NYSE:TNC - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The company traded as low as $67.57 and last traded at $67.89, with a volume of 30442 shares. The stock had previously closed at $69.99.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th.

Tennant Stock Performance

The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm's fifty day moving average price is $79.75 and its two-hundred day moving average price is $84.23. The stock has a market capitalization of $1.35 billion, a PE ratio of 16.42 and a beta of 0.97.

Tennant (NYSE:TNC - Get Free Report) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.13. The firm had revenue of $328.90 million for the quarter, compared to analysts' expectations of $324.00 million. Tennant had a return on equity of 19.98% and a net margin of 6.51%. As a group, equities research analysts forecast that Tennant will post 5.89 EPS for the current year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.295 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.18 annualized dividend and a dividend yield of 1.64%. Tennant's dividend payout ratio (DPR) is presently 26.94%.

Tennant declared that its Board of Directors has authorized a share repurchase plan on Thursday, February 13th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total value of $617,701.74. Following the transaction, the insider now directly owns 25,770 shares of the company's stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Barb Balinski sold 1,717 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $86.42, for a total value of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares of the company's stock, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Tennant

Hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Financial Designs Inc. ADV increased its stake in Tennant by 18.2% during the first quarter. Creative Financial Designs Inc. ADV now owns 5,269 shares of the industrial products company's stock worth $420,000 after acquiring an additional 810 shares during the last quarter. Prentiss Smith & Co. Inc. raised its holdings in Tennant by 0.6% in the 1st quarter. Prentiss Smith & Co. Inc. now owns 39,781 shares of the industrial products company's stock valued at $3,173,000 after buying an additional 218 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Tennant by 25.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,849 shares of the industrial products company's stock valued at $307,000 after buying an additional 789 shares during the last quarter. Albert D Mason Inc. increased its position in shares of Tennant by 2.0% during the first quarter. Albert D Mason Inc. now owns 10,011 shares of the industrial products company's stock valued at $798,000 after acquiring an additional 200 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Tennant by 429.0% in the 1st quarter. GAMMA Investing LLC now owns 492 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 399 shares during the period. 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.