Tennant (NYSE:TNC) Plans $0.30 Quarterly Dividend

Tennant (NYSE:TNC) announced a quarterly dividend on Tuesday, February 11th, RTT News reports. Stockholders of record on Friday, February 28th will be paid 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 dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, February 28th.

Tennant has increased its dividend payment by an average of 6.5% annually over the last three years and has increased its dividend every year for the last 53 years. Tennant has a payout ratio of 16.3% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Up 0.1 %

Shares of TNC stock opened at $87.43 on Wednesday. The company has a current ratio of 1.97, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32. Tennant has a twelve month low of $78.57 and a twelve month high of $124.11. The stock has a 50 day moving average of $84.22 and a 200 day moving average of $88.73. The stock has a market cap of $1.65 billion, a P/E ratio of 19.96 and a beta of 1.01.

Tennant (NYSE:TNC) last posted its earnings results on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.13. Tennant had a net margin of 6.51% and a return on equity of 19.98%. The firm had revenue of $328.90 million during the quarter, compared to analyst estimates of $324.00 million. As a group, sell-side analysts expect that Tennant will post 5.89 EPS for the current year.

Tennant declared that its Board of Directors has authorized a share repurchase program on Thursday, February 13th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on TNC. Northcoast Research started coverage on Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 target price on the stock. StockNews.com raised Tennant from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 19th.

Insider Activity at Tennant

In other Tennant news, insider Richard H. Zay sold 7,053 shares of the stock in a transaction 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 transaction, the insider now directly owns 25,770 shares of the company’s stock, valued at $2,256,936.60. This trade represents a 21.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by corporate insiders.

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.