Tennant Company (NYSE:TNC) Declares Quarterly Dividend of $0.33

Tennant Company (NYSE:TNC) declared a quarterly dividend on Monday, November 2nd. Investors of record on Monday, November 30th will be paid a dividend of $0.3250 per share by the industrial products company on Tuesday, December 15th. This represents a $1.30 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, November 30th. This is a 4.8% increase from Tennant’s previous quarterly dividend of $0.31.

Tennant has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 53 consecutive years. Tennant has a payout ratio of 18.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tennant to earn $5.66 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 21.9%.

Tennant Stock Performance

Shares of TNC opened at $69.06 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.04 and a quick ratio of 1.37. Tennant has a one year low of $60.17 and a one year high of $91.93. The company has a 50-day simple moving average of $67.70 and a two-hundred day simple moving average of $75.88. The firm has a market capitalization of $1.18 billion, a PE ratio of 67.71, a price-to-earnings-growth ratio of 2.46 and a beta of 1.15.

Tennant (NYSE:TNC) last posted its quarterly earnings data on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.42. Tennant had a return on equity of 13.32% and a net margin of 1.50%. The business had revenue of $322.30 million for the quarter, compared to analysts’ expectations of $330.75 million. During the same period in the previous year, the firm posted $1.46 EPS. The business’s revenue was up 6.3% on a year-over-year basis. On average, analysts anticipate that Tennant will post 3.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Tennant news, Director Patrick Allen acquired 3,000 shares of the business’s stock in a transaction on Monday, August 31st. The shares were acquired at an average price of $69.42 per share, for a total transaction of $208,260.00. Following the completion of the acquisition, the director owned 4,927 shares in the company, valued at $342,032.34. This trade represents a 155.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy Morse bought 1,500 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were acquired at an average cost of $68.18 per share, with a total value of $102,270.00. Following the purchase, the director directly owned 10,614 shares of the company’s stock, valued at approximately $723,662.52. This represents a 16.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 12,500 shares of company stock valued at $849,250 over the last quarter. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Tennant

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its position in Tennant by 48.0% during the 3rd quarter. ProShare Advisors LLC now owns 116,517 shares of the industrial products company’s stock valued at $7,832,000 after buying an additional 37,807 shares in the last quarter. State of Wyoming bought a new stake in Tennant in the third quarter worth $53,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in Tennant by 1,683.3% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 428 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 404 shares in the last quarter. Inspire Investing LLC grew its stake in shares of Tennant by 21.4% in the third quarter. Inspire Investing LLC now owns 9,559 shares of the industrial products company’s stock worth $643,000 after acquiring an additional 1,684 shares during the last quarter. Finally, Skylands Capital LLC grew its stake in shares of Tennant by 147.4% in the third quarter. Skylands Capital LLC now owns 14,100 shares of the industrial products company’s stock worth $948,000 after acquiring an additional 8,400 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

About Tennant

Tennant Company is a manufacturer of cleaning equipment and technologies for commercial, industrial and institutional customers. Its product portfolio includes floor scrubbers, sweepers, combination machines, carpet extractors, outdoor cleaning equipment and related vacuum systems. The company also offers cleaning solutions, replacement parts, maintenance programs and other services designed to support facility-management operations.

Tennant develops technology aimed at improving cleaning efficiency and reducing environmental impact.