Tennant (NYSE:TNC) Sets New 1-Year High After Earnings Beat

Posted by Defense World Staff on Aug 6th, 2023

Tennant (NYSE:TNC – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $86.80 and last traded at $83.24, with a volume of 10387 shares trading hands. The stock had previously closed at $81.23.

The industrial products company reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.70. The business had revenue of $321.70 million during the quarter, compared to the consensus estimate of $291.67 million. Tennant had a net margin of 7.04% and a return on equity of 19.69%. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 earnings per share.

Tennant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.265 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.06 annualized dividend and a dividend yield of 1.27%. Tennant’s payout ratio is 24.71%.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of Tennant in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company.

Insider Activity

In other news, SVP Carol E. Mcknight sold 4,445 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $75.74, for a total value of $336,664.30. Following the completion of the transaction, the senior vice president now directly owns 21,760 shares in the company, valued at $1,648,102.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Carol E. Mcknight sold 4,445 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $75.74, for a total value of $336,664.30. Following the completion of the transaction, the senior vice president now directly owns 21,760 shares in the company, valued at $1,648,102.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Carol E. Mcknight sold 3,832 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $77.57, for a total transaction of $297,248.24. Following the completion of the transaction, the senior vice president now owns 22,031 shares of the company’s stock, valued at $1,708,944.67. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tennant

Several hedge funds have recently bought and sold shares of TNC. Norges Bank bought a new stake in Tennant during the fourth quarter valued at approximately $13,966,000. William Blair Investment Management LLC purchased a new position in shares of Tennant during the fourth quarter worth approximately $9,793,000. Millennium Management LLC raised its stake in shares of Tennant by 719.1% during the fourth quarter. Millennium Management LLC now owns 141,941 shares of the industrial products company’s stock worth $8,739,000 after acquiring an additional 124,612 shares in the last quarter. P2 Capital Partners LLC raised its stake in shares of Tennant by 15.8% during the first quarter. P2 Capital Partners LLC now owns 711,530 shares of the industrial products company’s stock worth $48,761,000 after acquiring an additional 96,947 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Tennant by 10.7% during the first quarter. Thrivent Financial for Lutherans now owns 613,164 shares of the industrial products company’s stock worth $42,020,000 after acquiring an additional 59,179 shares in the last quarter. 92.83% of the stock is currently owned by institutional investors.

Tennant Price Performance

The stock has a market capitalization of $1.55 billion, a PE ratio of 19.51 and a beta of 1.10. The firm’s 50 day simple moving average is $79.48 and its 200 day simple moving average is $73.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.27 and a quick ratio of 1.48.

About Tennant

(Get Free Report)

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.