Tennant (NYSE:TNC) to Issue $0.30 Quarterly Dividend

Tennant (NYSE:TNC) announced a quarterly dividend on Tuesday, February 11th,RTT News reports. Shareholders 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 annualized dividend and a yield of 1.34%.

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 35 years. Tennant has a payout ratio of 16.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tennant to earn $6.69 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 17.6%.

Tennant Trading Up 0.6 %

Shares of TNC traded up $0.53 during mid-day trading on Tuesday, hitting $88.26. 150,168 shares of the company’s stock traded hands, compared to its average volume of 138,356. The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.67 billion, a P/E ratio of 15.57 and a beta of 1.01. The business’s 50-day moving average price is $83.82 and its 200-day moving average price is $89.69. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11.

Analysts Set New Price Targets

TNC has been the topic of a number of research analyst reports. Northcoast Research assumed coverage on shares of Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 price objective on the stock. StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st.

Tennant Company Profile

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.