Tennant (NYSE:TNC) Reaches New 52-Week Low After Insider Selling

Shares of Tennant Company (NYSE:TNC) hit a new 52-week low during mid-day trading on Monday following insider selling activity. 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.

Specifically, Director David Windley sold 3,694 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $63.86, for a total transaction of $235,898.84. Following the completion of the sale, the director directly owned 7,422 shares of the company’s stock, valued at approximately $473,968.92. This represents a 33.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carol S. Eicher sold 3,130 shares of Tennant stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $61.98, for a total transaction of $193,997.40. Following the completion of the transaction, the director owned 28,836 shares in the company, valued at $1,787,255.28. This trade represents a 9.79% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Upgrades and Downgrades

TNC has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tennant in a research report on Monday, December 29th. Wall Street Zen downgraded Tennant from a “buy” rating to a “hold” rating in a research note on Saturday. Freedom Capital downgraded Tennant from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Roth Mkm reissued a “buy” rating and issued a $91.00 price objective (down from $107.00) on shares of Tennant in a research report on Wednesday, February 25th. Finally, Zacks Research downgraded shares of Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. One equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $91.00.

Tennant Stock Performance

The company has a quick ratio of 1.37, a current ratio of 2.05 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average of $76.57 and a 200 day moving average of $77.72. The stock has a market capitalization of $1.12 billion, a P/E ratio of 26.74, a PEG ratio of 1.81 and a beta of 1.07.

Tennant Announces Dividend

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 issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 27th. Tennant’s payout ratio is presently 52.99%.

Hedge Funds Weigh In On Tennant

A number of hedge funds have recently modified their holdings of TNC. Aristides Capital LLC acquired a new stake in Tennant in the 4th quarter valued at $201,000. River Road Asset Management LLC lifted its holdings in shares of Tennant by 9.9% during the fourth quarter. River Road Asset Management LLC now owns 265,530 shares of the industrial products company’s stock valued at $19,570,000 after acquiring an additional 23,823 shares during the period. Invesco Ltd. boosted its stake in shares of Tennant by 3.6% in the 4th quarter. Invesco Ltd. now owns 102,926 shares of the industrial products company’s stock valued at $7,586,000 after purchasing an additional 3,581 shares in the last quarter. Vision One Management Partners LP grew its holdings in shares of Tennant by 18.1% in the 4th quarter. Vision One Management Partners LP now owns 344,585 shares of the industrial products company’s stock worth $25,396,000 after purchasing an additional 52,721 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its holdings in shares of Tennant by 3.9% in the 4th quarter. State of Tennessee Department of Treasury now owns 6,559 shares of the industrial products company’s stock worth $499,000 after purchasing an additional 247 shares during the last quarter. 93.33% of the stock is 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.