Tennant (NYSE:TNC) Share Price Breaks Above 50 Day Moving Average – Should You Sell?

Shares of Tennant Company (NYSE:TNC) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $67.70 and traded as high as $69.89. Tennant shares last traded at $69.0650, with a volume of 171,716 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TNC shares. Zacks Research downgraded Tennant from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, August 10th. Weiss Ratings cut shares of Tennant from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, September 11th. Finally, Wall Street Zen downgraded shares of Tennant from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $91.00.

Tennant Stock Up 4.0%

The company has a current ratio of 2.04, a quick ratio of 1.37 and a debt-to-equity ratio of 0.67. The firm’s 50 day moving average is $67.70 and its two-hundred day moving average is $75.88. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 67.71, a P/E/G ratio of 2.46 and a beta of 1.15.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, November 2nd. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.42. Tennant had a net margin of 1.50% and a return on equity of 13.32%. The company had revenue of $322.30 million for the quarter, compared to analyst estimates of $330.75 million. During the same quarter last year, the firm posted $1.46 earnings per share. The business’s quarterly revenue was up 6.3% on a year-over-year basis. On average, sell-side analysts predict that Tennant Company will post 3.84 EPS for the current year.

Tennant Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $0.3250 per share. This represents a $1.30 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, November 30th. This is a positive change from Tennant’s previous quarterly dividend of $0.31. Tennant’s dividend payout ratio (DPR) is 121.57%.

Insider Activity at Tennant

In other news, Director Patrick E. Allen acquired 3,000 shares of the business’s stock in a transaction on Monday, August 31st. The shares were purchased at an average price of $69.42 per share, for a total transaction of $208,260.00. Following the acquisition, the director directly owned 4,927 shares of the company’s stock, valued at $342,032.34. This represents a 155.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donal L. Mulligan acquired 8,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost of $67.34 per share, with a total value of $538,720.00. Following the completion of the transaction, the director owned 16,000 shares in the company, valued at $1,077,440. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 12,500 shares of company stock valued at $849,250. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Tennant

Several large investors have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. increased its position in shares of Tennant by 1,683.3% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 428 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 404 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Tennant in the second quarter valued at about $39,000. Versant Capital Management Inc boosted its holdings in Tennant by 44.0% in the third quarter. Versant Capital Management Inc now owns 579 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 177 shares during the last quarter. State of Wyoming purchased a new position in Tennant in the third quarter valued at about $53,000. Finally, Farther Finance Advisors LLC boosted its holdings in Tennant by 64.7% in the third quarter. Farther Finance Advisors LLC now owns 947 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 372 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors and hedge funds.

Tennant Company Profile

Tennant Company is a manufacturer of cleaning equipment and technologies for commercial, industrial and institutional customers. Its product portfolio includes floor scrubbers, sweepers, combination machines, carpet extractors, outdoor cleaning equipment and related vacuum systems. The company also offers cleaning solutions, replacement parts, maintenance programs and other services designed to support facility-management operations.

Tennant develops technology aimed at improving cleaning efficiency and reducing environmental impact.