Tennant (NYSE:TNC) Hits New 1-Year Low – Here’s Why

Tennant Company (NYSE:TNC) hit a new 52-week low on Monday . The stock traded as low as $60.18 and last traded at $61.1390, with a volume of 38785 shares. The stock had previously closed at $61.03.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Zacks Research cut shares of Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday. Freedom Capital lowered shares of Tennant from a “strong-buy” rating to a “hold” rating in a report on Thursday. Roth Mkm restated a “buy” rating and issued a $91.00 target price (down from $107.00) on shares of Tennant in a research note on Wednesday, February 25th. Wall Street Zen cut Tennant from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tennant in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Tennant has a consensus rating of “Hold” and an average price target of $91.00.

Tennant Price Performance

The firm has a 50-day simple moving average of $77.13 and a two-hundred day simple moving average of $78.02. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 26.22, a P/E/G ratio of 1.81 and a beta of 1.07. The company has a current ratio of 2.05, a quick ratio of 1.37 and a debt-to-equity ratio of 0.45.

Tennant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, February 27th. Tennant’s dividend payout ratio is currently 52.99%.

Hedge Funds Weigh In On Tennant

Several large investors have recently made changes to their positions in TNC. Salomon & Ludwin LLC purchased a new stake in Tennant during the third quarter worth $28,000. Hantz Financial Services Inc. increased its stake in shares of Tennant by 85.1% in the 4th quarter. Hantz Financial Services Inc. now owns 385 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 177 shares in the last quarter. CoreCap Advisors LLC purchased a new position in Tennant during the third quarter worth approximately $30,000. UMB Bank n.a. boosted its position in Tennant by 1,778.6% during the fourth quarter. UMB Bank n.a. now owns 526 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 498 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Tennant in the second quarter valued at approximately $73,000. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Company Profile

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant’s product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.