Tennant (NYSE:TNC) Sets New 12-Month Low - Time to Sell?

Tennant (NYSE:TNC - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $75.49 and last traded at $75.49, with a volume of 13001 shares. The stock had previously closed at $81.07.

Analysts Set New Price Targets

A number of analysts recently commented on TNC shares. StockNews.com lowered Tennant from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 27th. Northcoast Research assumed coverage on shares of Tennant in a research note on Thursday, December 19th. They set a "buy" rating and a $125.00 price target on the stock.

Tennant Price Performance

The company's 50 day simple moving average is $84.17 and its 200 day simple moving average is $86.32. 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 stock has a market capitalization of $1.31 billion, a PE ratio of 15.92 and a beta of 0.97.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share (EPS) 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 return on equity of 19.98% and a net margin of 6.51%. On average, equities analysts anticipate that Tennant will post 5.89 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Friday, February 28th. Tennant's dividend payout ratio (DPR) is currently 26.94%.

Tennant announced that its Board of Directors has approved a stock buyback program on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Tennant

In related news, SVP Barb Balinski sold 1,717 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 11,829 shares of the company's stock, valued at approximately $1,022,262.18. This represents a 12.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction that occurred 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 directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company's stock.

Institutional Trading of Tennant

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC lifted its stake in shares of Tennant by 77.3% during the third quarter. Jane Street Group LLC now owns 30,527 shares of the industrial products company's stock worth $2,932,000 after purchasing an additional 13,311 shares in the last quarter. Geode Capital Management LLC lifted its position in Tennant by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 436,933 shares of the industrial products company's stock worth $41,971,000 after acquiring an additional 5,862 shares in the last quarter. Barclays PLC boosted its holdings in Tennant by 222.8% in the 3rd quarter. Barclays PLC now owns 40,151 shares of the industrial products company's stock worth $3,857,000 after acquiring an additional 27,712 shares during the period. Amundi grew its position in Tennant by 190.4% in the fourth quarter. Amundi now owns 9,666 shares of the industrial products company's stock valued at $773,000 after acquiring an additional 6,338 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in Tennant by 4.0% in the third quarter. Janus Henderson Group PLC now owns 25,975 shares of the industrial products company's stock valued at $2,494,000 after acquiring an additional 1,008 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

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.