Tennant (NYSE:TNC) Shares Gap Down to $115.70

Tennant (NYSE:TNC)’s share price gapped down before the market opened on Friday . The stock had previously closed at $115.70, but opened at $109.90. Tennant shares last traded at $105.74, with a volume of 30,448 shares changing hands.

Tennant Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.44 and a current ratio of 2.08. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 18.35 and a beta of 1.10. The firm has a 50-day simple moving average of $116.03 and a two-hundred day simple moving average of $98.37.

Tennant (NYSE:TNC) last announced its quarterly earnings data on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.65. The firm had revenue of $311.40 million during the quarter, compared to analysts’ expectations of $309.87 million. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. On average, sell-side analysts anticipate that Tennant will post 6.44 EPS for the current fiscal year.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, May 31st. Tennant’s dividend payout ratio is currently 19.21%.

Insider Activity at Tennant

In other news, Director Carol S. Eicher sold 2,298 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total transaction of $267,602.10. Following the completion of the transaction, the director now directly owns 25,540 shares of the company’s stock, valued at $2,974,133. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Kristin A. Erickson sold 556 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $110.00, for a total transaction of $61,160.00. Following the completion of the sale, the senior vice president now owns 10,698 shares in the company, valued at $1,176,780. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carol S. Eicher sold 2,298 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total transaction of $267,602.10. Following the completion of the sale, the director now owns 25,540 shares of the company’s stock, valued at approximately $2,974,133. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,597 shares of company stock worth $1,953,293. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Tennant

A number of institutional investors and hedge funds have recently made changes to their positions in TNC. Graham Capital Management L.P. purchased a new stake in Tennant during the 3rd quarter valued at approximately $799,000. Charles Schwab Investment Management Inc. raised its stake in shares of Tennant by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 226,957 shares of the industrial products company’s stock worth $16,829,000 after purchasing an additional 4,805 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Tennant by 57.8% during the third quarter. Invesco Ltd. now owns 115,739 shares of the industrial products company’s stock worth $8,582,000 after purchasing an additional 42,407 shares during the period. Tudor Investment Corp Et Al grew its position in Tennant by 539.4% in the 3rd quarter. Tudor Investment Corp Et Al now owns 46,734 shares of the industrial products company’s stock valued at $3,465,000 after buying an additional 39,425 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Tennant by 174.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 51,153 shares of the industrial products company’s stock valued at $3,793,000 after buying an additional 32,483 shares during the period. 93.33% of the stock is owned by hedge funds and other institutional investors.

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.