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

Tennant (NYSE:TNC) gapped down before the market opened 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 changing hands.

Tennant Stock Down 7.5 %

The company has a quick ratio of 1.44, a current ratio of 2.08 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $116.03 and a 200-day simple moving average of $98.37. The firm has a market cap of $2.03 billion, a P/E ratio of 18.35 and a beta of 1.10.

Tennant (NYSE:TNC) last released its earnings results on Thursday, February 22nd. The industrial products company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.65. Tennant had a net margin of 8.81% and a return on equity of 23.07%. The company had revenue of $311.40 million during the quarter, compared to analyst estimates of $309.87 million. During the same period in the prior year, the firm posted $1.46 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, equities analysts anticipate that Tennant will post 6.44 earnings per share for the current year.

Tennant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.05%. The ex-dividend date is Friday, May 31st. Tennant’s dividend payout ratio is currently 19.21%.

Insiders Place Their Bets

In other news, Director Carol S. Eicher sold 2,298 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $116.45, for a total value of $267,602.10. Following the transaction, the director now directly owns 25,540 shares in the company, valued at $2,974,133. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Carol S. Eicher sold 2,298 shares of Tennant stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $116.45, for a total transaction of $267,602.10. Following the sale, the director now owns 25,540 shares in the company, valued at $2,974,133. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kristin A. Erickson sold 556 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 10,698 shares in the company, valued at approximately $1,176,780. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,597 shares of company stock worth $1,953,293. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Tennant

Several large investors have recently made changes to their positions in the company. Global Retirement Partners LLC raised its stake in Tennant by 1,272.2% during the first 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. purchased a new stake in shares of Tennant during the 1st quarter valued at about $36,000. Creative Financial Designs Inc. ADV lifted 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 valued at $60,000 after acquiring an additional 383 shares during the last quarter. Quest Partners LLC purchased a new position in Tennant in the fourth quarter worth about $64,000. Finally, Cornerstone Investment Partners LLC purchased a new position in Tennant in the first quarter worth about $242,000. 93.33% of the stock is owned by institutional investors.

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.