Tennant (NYSE:TNC) Hits New 52-Week High at $123.52

Tennant (NYSE:TNC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $123.52 and last traded at $122.70, with a volume of 66030 shares trading hands. The stock had previously closed at $121.61.

Analysts Set New Price Targets

Separately, CL King began coverage on Tennant in a report on Thursday, December 28th. They set a "buy" rating and a $112.00 price target for the company.

Tennant Price Performance

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 moving average of $106.53 and a 200-day moving average of $91.49. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 21.09 and a beta of 1.10.

Tennant (NYSE:TNC - Get Free Report) 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 return on equity of 23.07% and a net margin of 8.81%. The company had revenue of $311.40 million for the quarter, compared to analysts' expectations of $309.87 million. During the same quarter in the previous year, the firm posted $1.46 EPS. The firm's quarterly revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts predict that Tennant will post 6.44 earnings per share for the current year.

Tennant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.91%. The ex-dividend date was Wednesday, February 28th. Tennant's payout ratio is currently 19.21%.

Insider Activity at Tennant

In related news, SVP Kristin A. Erickson sold 556 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $110.00, for a total value of $61,160.00. Following the completion of the transaction, the senior vice president now directly owns 10,698 shares of the company's stock, valued at approximately $1,176,780. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tennant news, SVP Kristin A. Erickson sold 556 shares of the company's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $110.00, for a total value of $61,160.00. Following the transaction, the senior vice president now owns 10,698 shares of the company's stock, valued at $1,176,780. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carol S. Eicher sold 2,298 shares of the business's stock in a transaction 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 directly owns 25,540 shares in the company, valued at $2,974,133. The disclosure for this sale can be found here. Insiders sold 17,597 shares of company stock valued at $1,953,293 in the last ninety days. Corporate insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Tennant

A number of large investors have recently bought and sold shares of TNC. BlackRock Inc. raised its position in shares of Tennant by 4.0% during the second quarter. BlackRock Inc. now owns 3,108,398 shares of the industrial products company's stock valued at $252,122,000 after buying an additional 119,014 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Tennant by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,250,515 shares of the industrial products company's stock valued at $208,600,000 after buying an additional 24,019 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Tennant by 0.4% during the first quarter. Clearbridge Investments LLC now owns 817,078 shares of the industrial products company's stock valued at $64,386,000 after buying an additional 2,885 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Tennant by 6.8% during the second quarter. Thrivent Financial for Lutherans now owns 655,089 shares of the industrial products company's stock valued at $53,135,000 after buying an additional 41,925 shares during the last quarter. Finally, State Street Corp raised its position in shares of Tennant by 0.4% during the third quarter. State Street Corp now owns 650,795 shares of the industrial products company's stock valued at $36,809,000 after buying an additional 2,339 shares during the last quarter. 93.33% of the stock is currently 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.