Tennant (NYSE:TNC) Plans Dividend Increase – $0.30 Per Share

Tennant (NYSE:TNC) declared a quarterly dividend on Thursday, October 31st,NASDAQ Dividends reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.295 per share by the industrial products company on Monday, December 16th. This represents a $1.18 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Friday, November 29th. This is an increase from Tennant’s previous quarterly dividend of $0.28.

Tennant has raised its dividend by an average of 6.5% per year over the last three years and has increased its dividend annually for the last 53 consecutive years. Tennant has a payout ratio of 18.5% indicating that 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 Down 0.4 %

NYSE TNC opened at $88.34 on Thursday. Tennant has a one year low of $82.54 and a one year high of $124.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.43 and a current ratio of 2.17. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 15.58 and a beta of 1.00. The company’s 50-day simple moving average is $90.92 and its two-hundred day simple moving average is $96.19.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.05). The business had revenue of $315.80 million for the quarter, compared to analysts’ expectations of $319.40 million. Tennant had a net margin of 8.52% and a return on equity of 21.50%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.34 earnings per share. Equities analysts forecast that Tennant will post 6.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded 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.