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

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

Wall Street Analyst Weigh In

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

Tennant Stock Down 5.0 %

The company has a debt-to-equity ratio of 0.33, a current ratio of 2.17 and a quick ratio of 1.46. The stock has a 50-day moving average of $92.94 and a 200 day moving average of $99.28. The company has a market cap of $1.57 billion, a P/E ratio of 14.67 and a beta of 1.00.

Tennant (NYSE:TNC) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.01. Tennant had a return on equity of 21.87% and a net margin of 8.52%. The firm had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. During the same quarter in the previous year, the business posted $1.34 earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts anticipate that Tennant will post 6.48 earnings per share for the current year.

Tennant Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC grew its position in Tennant by 290.9% in the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 288 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Tennant during the second quarter valued at about $58,000. Point72 DIFC Ltd acquired a new stake in shares of Tennant during the second quarter valued at about $71,000. nVerses Capital LLC acquired a new stake in shares of Tennant during the third quarter valued at about $77,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Tennant during the first quarter valued at about $86,000. Institutional investors own 93.33% of the company’s stock.

Tennant Company Profile

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.