Tennant (NYSE:TNC) Short Interest Update

Tennant (NYSE:TNC) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 496,600 shares, a drop of 32.1% from the September 30th total of 731,600 shares. Approximately 2.8% of the shares of the stock are short sold. Based on an average daily volume of 78,000 shares, the short-interest ratio is presently 6.4 days.

In other news, CEO Chris Killingstad sold 2,200 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $68.00, for a total transaction of $149,600.00. Following the completion of the transaction, the chief executive officer now owns 157,365 shares in the company, valued at $10,700,820. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Richard H. Zay sold 7,301 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $77.46, for a total transaction of $565,535.46. Following the completion of the transaction, the senior vice president now directly owns 28,708 shares of the company’s stock, valued at approximately $2,223,721.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,628 shares of company stock valued at $3,498,168. Company insiders own 5.60% of the company’s stock.

Several large investors have recently made changes to their positions in TNC. BlackRock Inc. increased its position in shares of Tennant by 1.2% during 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 position 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 acquiring an additional 24,277 shares during the period. Northern Trust Corp increased its position 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 acquiring an additional 1,996 shares during the period. Boston Trust Walden Corp increased its position in shares of Tennant by 9.6% during the third quarter. Boston Trust Walden Corp now owns 158,532 shares of the industrial products company’s stock worth $11,209,000 after acquiring an additional 13,829 shares during the period. Finally, Morgan Stanley increased its position in shares of Tennant by 40.4% during the second quarter. Morgan Stanley now owns 131,232 shares of the industrial products company’s stock worth $8,032,000 after acquiring an additional 37,734 shares during the period. 83.44% of the stock is owned by hedge funds and other institutional investors.

TNC has been the subject of a number of analyst reports. ValuEngine downgraded shares of Tennant from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Zacks Investment Research downgraded shares of Tennant from a “buy” rating to a “hold” rating in a report on Sunday, November 3rd. Finally, TheStreet raised shares of Tennant from a “c+” rating to a “b” rating in a report on Wednesday, July 31st.

Shares of NYSE:TNC traded down $1.48 during trading on Thursday, reaching $75.72. The company’s stock had a trading volume of 2,085 shares, compared to its average volume of 97,537. The company has a current ratio of 1.78, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Tennant has a 12 month low of $48.97 and a 12 month high of $79.63. The firm’s 50 day simple moving average is $71.75 and its two-hundred day simple moving average is $66.49. The stock has a market capitalization of $1.42 billion, a PE ratio of 34.85 and a beta of 1.23.

Tennant (NYSE:TNC) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.18. Tennant had a net margin of 3.77% and a return on equity of 15.75%. The firm had revenue of $280.70 million during the quarter, compared to the consensus estimate of $285.90 million. During the same quarter last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts anticipate that Tennant will post 2.83 EPS for the current fiscal year.

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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