Tennant (TNC) to Issue Quarterly Dividend of $0.30 on March 14th

Tennant (NYSE:TNC) announced a quarterly dividend on Tuesday, February 11th, RTT News reports. Investors of record on Friday, February 28th will be given a dividend of 0.295 per share by the industrial products company on Friday, March 14th. This represents a $1.18 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Friday, February 28th.

Tennant has raised its dividend by an average of 6.5% per year over the last three years and has raised its dividend every year for the last 53 years. Tennant has a payout ratio of 16.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tennant to earn $7.17 per share next year, which means the company should continue to be able to cover its $1.18 annual dividend with an expected future payout ratio of 16.5%.

Tennant Price Performance

NYSE TNC opened at $87.43 on Wednesday. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The firm’s fifty day simple moving average is $84.22 and its two-hundred day simple moving average is $88.73. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.65 billion, a P/E ratio of 19.96 and a beta of 1.01.

Tennant (NYSE:TNC) last announced its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. Tennant had a return on equity of 19.98% and a net margin of 6.51%. The firm had revenue of $328.90 million for the quarter, compared to the consensus estimate of $324.00 million. Analysts forecast that Tennant will post 5.89 EPS for the current fiscal year.

Tennant declared that its board has initiated a stock buyback plan on Thursday, February 13th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have weighed in on the stock. StockNews.com raised shares of Tennant from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 19th. Northcoast Research began coverage on shares of Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective for the company.

Insider Activity

In other Tennant news, insider Richard H. Zay sold 7,053 shares of Tennant stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the completion of the sale, the insider now directly owns 25,770 shares in the company, valued at approximately $2,256,936.60. The trade was a 21.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.

About Tennant

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.