Tennant Declares Quarterly Dividend of $0.30 (NYSE:TNC)

Tennant (NYSE:TNC) declared 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 dividend on an annualized basis and a yield of 1.34%.

Tennant has raised its dividend by an average of 6.5% annually over the last three years and has increased 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. 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 Price Performance

Shares of Tennant stock traded up $0.53 on Tuesday, hitting $88.26. 150,168 shares of the company traded hands, compared to its average volume of 138,356. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The firm’s 50-day simple moving average is $83.82 and its 200 day simple moving average is $89.69. The company has a market cap of $1.67 billion, a P/E ratio of 15.57 and a beta of 1.01. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 0.32.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TNC. StockNews.com lowered shares of Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research initiated coverage on shares of Tennant in a research report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price on the 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.