Tennant (NYSE:TNC) Reaches New 1-Year Low - Should You Sell?

Shares of Tennant (NYSE:TNC - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $69.08 and last traded at $69.71, with a volume of 269264 shares traded. The stock had previously closed at $71.37.

Analyst Ratings Changes

A number of equities research analysts have commented on TNC shares. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th. Northcoast Research initiated coverage on Tennant in a report on Thursday, December 19th. They issued a "buy" rating and a $125.00 price objective for the company.

Tennant Stock Performance

The business's fifty day moving average is $82.48 and its 200-day moving average is $85.42. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.34 billion, a PE ratio of 16.32 and a beta of 0.97.

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

Tennant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, February 28th. Tennant's payout ratio is 26.94%.

Tennant declared that its Board of Directors has initiated a share buyback plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

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

Institutional Trading of Tennant

Institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC boosted its stake in Tennant by 668.9% in the 4th quarter. Sterling Capital Management LLC now owns 346 shares of the industrial products company's stock worth $28,000 after purchasing an additional 301 shares during the period. SBI Securities Co. Ltd. purchased a new position in Tennant during the fourth quarter valued at $59,000. KBC Group NV increased its holdings in Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock valued at $78,000 after acquiring an additional 394 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in Tennant by 43.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock worth $81,000 after purchasing an additional 255 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Tennant by 120.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,100 shares of the industrial products company's stock valued at $90,000 after purchasing an additional 600 shares in the last quarter. 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.