Tennant (NYSE:TNC) Trading Down 4.5%

Tennant (NYSE:TNC)’s share price traded down 4.5% during trading on Thursday . The company traded as low as $91.15 and last traded at $91.66. 43,763 shares were traded during mid-day trading, a decline of 65% from the average session volume of 124,851 shares. The stock had previously closed at $96.02.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 5th.

Tennant Stock Up 1.3 %

The business’s 50 day moving average is $100.61 and its 200 day moving average is $105.96. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 15.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, August 8th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The company had revenue of $331.00 million during the quarter, compared to analyst estimates of $327.00 million. Tennant had a net margin of 9.10% and a return on equity of 23.16%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $1.86 EPS. Equities analysts expect that Tennant will post 6.56 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.20%. Tennant’s dividend payout ratio (DPR) is presently 18.60%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TNC. Norges Bank bought a new position in Tennant in the 4th quarter worth $12,193,000. Assenagon Asset Management S.A. raised its holdings in Tennant by 577.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 128,231 shares of the industrial products company’s stock worth $12,623,000 after acquiring an additional 109,298 shares during the period. Jacobson & Schmitt Advisors LLC bought a new position in Tennant in the 1st quarter worth $12,380,000. American Century Companies Inc. raised its holdings in Tennant by 79.8% in the 2nd quarter. American Century Companies Inc. now owns 151,151 shares of the industrial products company’s stock worth $14,879,000 after acquiring an additional 67,080 shares during the period. Finally, Allianz Asset Management GmbH bought a new position in Tennant in the 4th quarter worth $4,930,000. Institutional investors own 93.33% of the company’s stock.

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.