Short Interest in Tennant (NYSE:TNC) Declines By 21.8%

Tennant (NYSE:TNCGet Free Report) saw a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 336,200 shares, a drop of 21.8% from the May 15th total of 430,000 shares. Based on an average trading volume of 122,400 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Tennant from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 15th.

Read Our Latest Analysis on TNC

Institutional Investors Weigh In On Tennant

Several institutional investors have recently modified their holdings of the company. Albert D Mason Inc. lifted its holdings in Tennant by 1.3% during the 1st quarter. Albert D Mason Inc. now owns 9,641 shares of the industrial products company’s stock worth $1,172,000 after buying an additional 127 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Tennant by 0.3% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 49,012 shares of the industrial products company’s stock valued at $5,960,000 after purchasing an additional 133 shares during the last quarter. Aigen Investment Management LP raised its holdings in Tennant by 4.1% during the third quarter. Aigen Investment Management LP now owns 4,424 shares of the industrial products company’s stock worth $328,000 after purchasing an additional 176 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Tennant by 1.7% during the 4th quarter. Federated Hermes Inc. now owns 10,927 shares of the industrial products company’s stock worth $1,013,000 after buying an additional 180 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Tennant by 1.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,960 shares of the industrial products company’s stock worth $1,698,000 after acquiring an additional 186 shares in the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

Tennant Stock Down 2.1 %

Shares of Tennant stock traded down $2.04 during trading hours on Friday, reaching $96.27. 167,211 shares of the company were exchanged, compared to its average volume of 113,846. The firm has a market cap of $1.83 billion, a PE ratio of 15.99 and a beta of 1.03. The stock’s fifty day moving average is $108.18 and its 200 day moving average is $103.00. Tennant has a 1 year low of $72.81 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 2.15.

Tennant (NYSE:TNCGet Free Report) last posted its quarterly earnings results on Friday, May 3rd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.36. Tennant had a return on equity of 23.16% and a net margin of 9.10%. The company had revenue of $311.00 million for the quarter, compared to analyst estimates of $314.10 million. As a group, equities research analysts forecast that Tennant will post 6.56 earnings per share for the current year.

Tennant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Friday, May 31st. Tennant’s dividend payout ratio is presently 18.60%.

About Tennant

(Get Free Report)

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.

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