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

Tennant (NYSE:TNC) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $79.35 and last traded at $80.27, with a volume of 115444 shares changing hands. The stock had previously closed at $80.29.

Analysts Set New Price Targets

Several research firms have recently commented on TNC. Northcoast Research started coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price target for the company. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st.

Tennant Stock Performance

The stock has a market capitalization of $1.52 billion, a PE ratio of 14.22 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The firm’s 50 day moving average is $87.53 and its two-hundred day moving average is $93.74.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). The company had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.50% and a net margin of 8.52%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 EPS. As a group, research analysts predict that Tennant will post 6.43 earnings per share for the current year.

Tennant Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a $0.295 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.18 dividend on an annualized basis and a yield of 1.46%. This is a positive change from Tennant’s previous quarterly dividend of $0.28. Tennant’s dividend payout ratio (DPR) is currently 20.81%.

Hedge Funds Weigh In On Tennant

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in Tennant by 82.1% in the third quarter. Assenagon Asset Management S.A. now owns 233,550 shares of the industrial products company’s stock worth $22,430,000 after acquiring an additional 105,319 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock valued at $14,879,000 after purchasing an additional 67,080 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Tennant during the 3rd quarter worth $3,873,000. Renaissance Technologies LLC grew its stake in shares of Tennant by 1,900.0% during the second quarter. Renaissance Technologies LLC now owns 36,000 shares of the industrial products company’s stock worth $3,544,000 after purchasing an additional 34,200 shares in the last quarter. Finally, Barclays PLC increased its holdings in Tennant by 222.8% in the third quarter. Barclays PLC now owns 40,151 shares of the industrial products company’s stock valued at $3,857,000 after buying an additional 27,712 shares during the last quarter. 93.33% of the stock is owned by institutional investors and hedge funds.

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.