Tennant Company Declares Quarterly Dividend of $0.21 (TNC)
Tennant Company (NYSE:TNC) announced a quarterly dividend on Friday, August 18th, Wall Street Journal reports. Investors of record on Thursday, August 31st will be paid a dividend of 0.21 per share by the industrial products company on Friday, September 15th. This represents a $0.84 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Tuesday, August 29th.
Tennant has decreased its dividend by an average of 5.4% annually over the last three years and has increased its dividend every year for the last 45 years. Tennant has a dividend payout ratio of 37.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Tennant to earn $2.86 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 29.4%.
Shares of Tennant (NYSE:TNC) traded down 0.55% during midday trading on Friday, reaching $62.90. 151,921 shares of the company were exchanged. The stock has a market capitalization of $1.12 billion, a P/E ratio of 55.27 and a beta of 1.07. The company has a 50 day moving average price of $71.30 and a 200-day moving average price of $71.76. Tennant has a 12-month low of $60.10 and a 12-month high of $76.80.
Tennant (NYSE:TNC) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by $0.19. Tennant had a return on equity of 15.39% and a net margin of 2.32%. The business had revenue of $270.79 million during the quarter, compared to analysts’ expectations of $268.32 million. During the same quarter in the previous year, the business earned $0.85 EPS. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, analysts forecast that Tennant will post $2.28 earnings per share for the current fiscal year.
A number of analysts have weighed in on the company. BidaskClub upgraded Tennant from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Tennant from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th. Finally, TheStreet lowered Tennant from a “b-” rating to a “c+” rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $65.00.
In other news, CFO Thomas Paulson sold 7,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $73.95, for a total transaction of $554,625.00. Following the transaction, the chief financial officer now owns 31,755 shares of the company’s stock, valued at approximately $2,348,282.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard H. Zay sold 1,280 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $73.00, for a total value of $93,440.00. Following the transaction, the senior vice president now directly owns 15,423 shares in the company, valued at approximately $1,125,879. The disclosure for this sale can be found here. Company insiders own 5.70% of the company’s stock.
Tennant Company Profile
Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.
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