Short Interest in Tennant Company (NYSE:TNC) Expands By 35.0%

Key Points

• Short interest jumped 35.0% to 911,478 shares as of March 31, implying a short-interest ratio of 2.6 days and roughly 5.2% of the company's stock is short sold.
• Directors David Windley and Carol S. Eicher sold 3,694 and 3,130 shares respectively on Feb. 26, though insiders have net purchased 20,163 shares over the last 90 days and now own about 3.5% of the company.
• Institutional ownership is very high at 93.33%, with several funds increasing stakes in the quarter — notably AQR (+68.8%), Jane Street (+39.1%) and UBS AM (+17.6%).

Tennant Company (NYSE:TNC - Get Free Report) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 911,478 shares, a growth of 35.0% from the March 15th total of 675,102 shares. Based on an average daily trading volume, of 355,933 shares, the short-interest ratio is presently 2.6 days. Approximately 5.2% of the company's stock are short sold.

Insider Transactions at Tennant

In other news, Director David Windley sold 3,694 shares of the firm's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $63.86, for a total transaction of $235,898.84. Following the completion of the sale, the director directly owned 7,422 shares in the company, valued at $473,968.92. This trade represents a 33.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carol S. Eicher sold 3,130 shares of Tennant stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $61.98, for a total value of $193,997.40. Following the sale, the director owned 28,836 shares in the company, valued at $1,787,255.28. This represents a 9.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have bought 20,163 shares of company stock worth $1,261,674 over the last 90 days. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tennant

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in shares of Tennant by 23.0% during the first quarter. Royal Bank of Canada now owns 4,563 shares of the industrial products company's stock worth $364,000 after acquiring an additional 854 shares during the last quarter. AQR Capital Management LLC boosted its stake in Tennant by 68.8% during the 1st quarter. AQR Capital Management LLC now owns 49,724 shares of the industrial products company's stock valued at $3,966,000 after purchasing an additional 20,275 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Tennant by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,271 shares of the industrial products company's stock worth $899,000 after purchasing an additional 491 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Tennant by 17.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 56,214 shares of the industrial products company's stock worth $4,483,000 after purchasing an additional 8,421 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Tennant by 39.1% in the first quarter. Jane Street Group LLC now owns 38,911 shares of the industrial products company's stock valued at $3,103,000 after purchasing an additional 10,946 shares during the period. 93.33% of the stock is currently owned by institutional investors.

Tennant Stock Performance

NYSE TNC traded up $1.83 during trading hours on Friday, reaching $80.09. The company's stock had a trading volume of 27,478 shares, compared to its average volume of 231,045. The company has a current ratio of 2.05, a quick ratio of 1.37 and a debt-to-equity ratio of 0.45. The business has a 50-day simple moving average of $70.98 and a 200 day simple moving average of $74.78. Tennant has a 52 week low of $60.17 and a 52 week high of $85.90. The stock has a market cap of $1.44 billion, a PE ratio of 34.32, a PEG ratio of 2.31 and a beta of 0.98.

Tennant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were given a dividend of $0.31 per share. The ex-dividend date was Friday, February 27th. This represents a $1.24 dividend on an annualized basis and a yield of 1.5%. Tennant's payout ratio is currently 52.99%.

Analysts Set New Price Targets

TNC has been the subject of several recent analyst reports. Zacks Research lowered shares of Tennant from a "hold" rating to a "strong sell" rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tennant in a research report on Monday, December 29th. Roth Mkm reiterated a "buy" rating and issued a $91.00 price target (down from $107.00) on shares of Tennant in a research note on Wednesday, February 25th. Freedom Capital lowered Tennant from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. Finally, Wall Street Zen downgraded Tennant from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Tennant currently has a consensus rating of "Hold" and a consensus price target of $91.00.

About Tennant

Tennant Company is a global provider of solutions that help keep facilities clean, safe and sustainable. The company designs, manufactures and markets a broad range of cleaning machines, chemicals and service programs that address the cleaning needs of customers in diverse industries, including manufacturing, warehousing, food and beverage, healthcare and education. Tennant's product portfolio encompasses both ride-on and walk-behind floor scrubbers and sweepers, carpet extractors, power brushes, pressure washers and autonomous cleaning machines.

Founded in 1870 and headquartered in Minneapolis, Minnesota, Tennant has grown from a regional manufacturer into a multinational organization with operations in more than 70 countries and sales representation in over 100 markets worldwide.

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