Tennant (NYSE:TNC) Sets New 1-Year Low on Insider Selling

Tennant Company (NYSE:TNC)’s stock price hit a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $60.18 and last traded at $61.1390, with a volume of 38785 shares traded. The stock had previously closed at $61.03.

Specifically, Director David Windley sold 3,694 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $63.86, for a total transaction of $235,898.84. Following the transaction, 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 can be accessed through the SEC website. Also, Director Carol S. Eicher sold 3,130 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $61.98, for a total value of $193,997.40. Following the completion of the transaction, the director owned 28,836 shares in the company, valued at approximately $1,787,255.28. The trade was a 9.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

TNC has been the topic of a number of research reports. Wall Street Zen lowered Tennant from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research lowered shares of Tennant from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 26th. Weiss Ratings restated a “hold (c)” rating on shares of Tennant in a report on Monday, December 29th. Freedom Capital cut shares of Tennant from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Finally, Roth Mkm restated a “buy” rating and issued a $91.00 target price (down from $107.00) on shares of Tennant in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $91.00.

Tennant Stock Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.37 and a current ratio of 2.05. The stock has a market cap of $1.12 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07. The company’s 50 day simple moving average is $76.57 and its 200 day simple moving average is $77.72.

Tennant Announces Dividend

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

Institutional Investors Weigh In On Tennant

Hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC purchased a new position in Tennant in the second quarter valued at about $1,213,000. Bank of New York Mellon Corp lifted its stake in Tennant by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 167,384 shares of the industrial products company’s stock valued at $12,969,000 after purchasing an additional 4,377 shares during the last quarter. Bailard Inc. purchased a new position in Tennant in the second quarter valued at approximately $651,000. River Road Asset Management LLC grew its holdings in Tennant by 131.0% during the second quarter. River Road Asset Management LLC now owns 240,167 shares of the industrial products company’s stock valued at $19,823,000 after purchasing an additional 136,221 shares during the period. Finally, QSV Equity Investors LLC purchased a new stake in Tennant in the second quarter worth $1,057,000. 93.33% of the stock is currently owned by institutional investors.

About Tennant

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.