Tennant (NYSE:TNC) Sees Large Increase in Short Interest

Tennant (NYSE:TNC) was the target of a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 709,600 shares, a growth of 16.3% from the June 30th total of 610,000 shares. Currently, 4.0% of the shares of the company are sold short. Based on an average daily trading volume, of 79,600 shares, the short-interest ratio is presently 8.9 days.

In related news, Director Carol S. Eicher sold 1,335 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $58.97, for a total transaction of $78,724.95. Following the completion of the transaction, the director now directly owns 16,020 shares in the company, valued at $944,699.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Killingstad sold 12,843 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $61.64, for a total transaction of $791,642.52. Following the transaction, the insider now owns 168,008 shares of the company’s stock, valued at $10,356,013.12. The disclosure for this sale can be found here. Insiders have sold 46,849 shares of company stock valued at $3,162,546 over the last quarter. Insiders own 5.60% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Tennant by 1.2% in the second quarter. BlackRock Inc. now owns 2,668,005 shares of the industrial products company’s stock worth $163,281,000 after acquiring an additional 31,018 shares during the period. Vanguard Group Inc. increased its stake in shares of Tennant by 1.3% during the second quarter. Vanguard Group Inc. now owns 1,954,495 shares of the industrial products company’s stock worth $119,615,000 after purchasing an additional 24,277 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Tennant by 2.9% during the first quarter. Clearbridge Investments LLC now owns 921,621 shares of the industrial products company’s stock worth $57,223,000 after purchasing an additional 26,122 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Tennant by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 653,327 shares of the industrial products company’s stock worth $34,045,000 after purchasing an additional 33,015 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Tennant by 0.8% during the second quarter. Northern Trust Corp now owns 248,491 shares of the industrial products company’s stock worth $15,208,000 after purchasing an additional 1,996 shares in the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.



Shares of Tennant stock traded down $1.12 during trading hours on Wednesday, reaching $67.00. The stock had a trading volume of 77,672 shares, compared to its average volume of 76,704. The company’s 50 day simple moving average is $65.26. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 30.73 and a beta of 1.17. Tennant has a twelve month low of $48.97 and a twelve month high of $79.00. The company has a quick ratio of 1.23, a current ratio of 1.85 and a debt-to-equity ratio of 1.03.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.34. The business had revenue of $299.70 million during the quarter, compared to the consensus estimate of $301.00 million. Tennant had a net margin of 3.35% and a return on equity of 15.61%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.82 earnings per share. On average, analysts forecast that Tennant will post 2.75 EPS for the current year.

A number of research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Tennant from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. TheStreet upgraded shares of Tennant from a “c+” rating to a “b” rating in a research report on Wednesday, July 31st. Finally, ValuEngine upgraded shares of Tennant from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st.

Tennant Company Profile

Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.

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