Tennant (NYSE:TNC) Shares Down 2.9% – What’s Next?

Tennant (NYSE:TNC)’s share price was down 2.9% during mid-day trading on Friday . The stock traded as low as $85.00 and last traded at $85.00. Approximately 6,314 shares traded hands during trading, a decline of 95% from the average daily volume of 116,961 shares. The stock had previously closed at $87.56.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday.

Tennant Stock Down 5.0 %

The firm has a fifty day simple moving average of $92.94 and a 200-day simple moving average of $99.28. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 14.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.46 and a current ratio of 2.17.

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, topping the consensus estimate of $1.38 by $0.01. The firm had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 EPS. As a group, sell-side analysts expect that Tennant will post 6.48 EPS for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 1.42%. The ex-dividend date is Friday, November 29th. Tennant’s payout ratio is 19.75%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TNC. CWM LLC increased its position in Tennant by 290.9% during the 2nd quarter. CWM LLC now owns 387 shares of the industrial products company’s stock worth $38,000 after buying an additional 288 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in shares of Tennant in the second quarter worth $58,000. Point72 DIFC Ltd bought a new position in shares of Tennant in the second quarter worth $71,000. nVerses Capital LLC bought a new position in shares of Tennant in the third quarter worth $77,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Tennant in the first quarter worth $86,000. 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.