Tennant Company (TNC) to Issue Quarterly Dividend of $0.21 on September 15th
Tennant Company (NYSE:TNC) declared 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 annualized dividend and a yield of 1.37%. The ex-dividend date is Tuesday, August 29th.
Tennant has decreased its dividend payment by an average of 5.4% per year over the last three years and has raised its dividend every year for the last 45 years. Tennant has a payout ratio of 37.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tennant to earn $2.78 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 30.2%.
Tennant (NYSE:TNC) opened at 61.50 on Monday. The company has a market capitalization of $1.10 billion, a PE ratio of 54.04 and a beta of 1.07. Tennant has a 52 week low of $60.10 and a 52 week high of $76.80. The company’s 50-day moving average price is $69.33 and its 200 day moving average price is $71.42.
Tennant (NYSE:TNC) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.19. Tennant had a net margin of 2.32% and a return on equity of 15.39%. The business had revenue of $270.79 million during the quarter, compared to the consensus estimate of $268.32 million. During the same quarter in the previous year, the business posted $0.85 EPS. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities research analysts anticipate that Tennant will post $2.28 EPS for the current year.
Several research firms recently weighed in on TNC. BidaskClub raised Tennant from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th. Zacks Investment Research downgraded Tennant from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, TheStreet downgraded Tennant from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $65.00.
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In related news, SVP Richard H. Zay sold 1,280 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $73.00, for a total transaction of $93,440.00. Following the sale, the senior vice president now owns 15,423 shares of the company’s stock, valued at approximately $1,125,879. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Paulson sold 7,500 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $73.95, for a total value of $554,625.00. Following the sale, the chief financial officer now directly owns 31,755 shares in the company, valued at approximately $2,348,282.25. 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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