Tennant (NYSE:TNC) Director Sells $146,918.60 in Stock

Tennant (NYSE:TNC) Director Steven Alan Sonnenberg sold 1,765 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $83.24, for a total value of $146,918.60. Following the sale, the director now owns 22,994 shares of the company’s stock, valued at approximately $1,914,020.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Tennant Price Performance

NYSE TNC traded down $0.81 during trading on Thursday, hitting $82.43. 130,843 shares of the stock traded hands, compared to its average volume of 83,098. The company has a market capitalization of $1.53 billion, a P/E ratio of 16.34 and a beta of 1.10. The firm has a 50-day simple moving average of $80.98 and a 200-day simple moving average of $75.22. The company has a quick ratio of 1.52, a current ratio of 2.29 and a debt-to-equity ratio of 0.52. Tennant has a 12-month low of $56.04 and a 12-month high of $87.53.

Tennant (NYSE:TNC) last released its quarterly earnings results on Friday, August 4th. The industrial products company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.70. The business had revenue of $321.70 million during the quarter, compared to analysts’ expectations of $291.67 million. Tennant had a return on equity of 22.49% and a net margin of 8.04%. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. As a group, analysts predict that Tennant will post 5.43 EPS for the current year.

Tennant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 1.29%. The ex-dividend date is Wednesday, August 30th. Tennant’s dividend payout ratio is presently 20.87%.

Institutional Investors Weigh In On Tennant

Institutional investors have recently modified their holdings of the stock. 1832 Asset Management L.P. lifted its stake in shares of Tennant by 69.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 379 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 155 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Tennant by 333.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 433 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 333 shares during the last quarter. Turtle Creek Asset Management Inc. bought a new stake in shares of Tennant during the 1st quarter worth approximately $41,000. Advisor Group Holdings Inc. lifted its stake in shares of Tennant by 181.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 780 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 503 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Tennant during the 1st quarter worth approximately $53,000. 91.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Tennant in a research report on Thursday, August 17th. They set a “strong-buy” rating for the company.

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.