Tennant (NYSE:TNC) Shares Gap Down to $115.70

Shares of Tennant (NYSE:TNC) gapped down prior to trading on Friday . The stock had previously closed at $115.70, but opened at $109.90. Tennant shares last traded at $105.74, with a volume of 30,448 shares trading hands.

Tennant Price Performance

The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 18.35 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.44 and a current ratio of 2.08. The company has a 50-day simple moving average of $116.03 and a two-hundred day simple moving average of $98.21.

Tennant (NYSE:TNC) last issued its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.65. The business had revenue of $311.40 million for the quarter, compared to the consensus estimate of $309.87 million. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. As a group, equities research analysts forecast that Tennant will post 6.44 EPS for the current year.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Friday, May 31st. Tennant’s dividend payout ratio (DPR) is presently 19.21%.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 14,743 shares of Tennant stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $110.19, for a total transaction of $1,624,531.17. Following the completion of the transaction, the insider now directly owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Kristin A. Erickson sold 556 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $110.00, for a total transaction of $61,160.00. Following the transaction, the senior vice president now owns 10,698 shares in the company, valued at $1,176,780. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard H. Zay sold 14,743 shares of Tennant stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $110.19, for a total value of $1,624,531.17. Following the sale, the insider now directly owns 11,095 shares of the company’s stock, valued at $1,222,558.05. The disclosure for this sale can be found here. Insiders sold a total of 17,597 shares of company stock valued at $1,953,293 over the last three months. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Tennant

A number of institutional investors have recently made changes to their positions in TNC. Global Retirement Partners LLC increased its stake in Tennant by 1,272.2% during the 1st quarter. Global Retirement Partners LLC now owns 247 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 229 shares in the last quarter. YHB Investment Advisors Inc. bought a new stake in shares of Tennant during the first quarter worth about $36,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Tennant by 142.4% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 652 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 383 shares during the last quarter. Quest Partners LLC bought a new position in Tennant in the 4th quarter valued at about $64,000. Finally, Daiwa Securities Group Inc. boosted its stake in Tennant by 118.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,629 shares of the industrial products company’s stock valued at $195,000 after purchasing an additional 1,423 shares during the last quarter. 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.