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

Key Points

• Tennant Company has declared a quarterly dividend of $0.30 per share, payable on September 15th to stockholders of record as of August 29th, 2023.
• The company's dividend payout ratio is currently 17.9%, which signifies that it is well-covered by its earnings and is expected to maintain this level going forward.
• Tennant's stock recently traded down to $82.83, amidst a significant presence of institutional investors owning approximately 93.33% of the company's shares.

Tennant Company (NYSE:TNC - Get Free Report) declared a quarterly dividend on Wednesday, August 6th, Wall Street Journal reports. Stockholders of record on Friday, August 29th will be paid a dividend of 0.295 per share by the industrial products company on Monday, September 15th. This represents a c) annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th.

Tennant has a dividend payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Tennant to earn $7.17 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 16.5%.

Tennant Trading Down 0.9%

NYSE TNC traded down $0.78 on Wednesday, reaching $82.83. The company had a trading volume of 111,950 shares, compared to its average volume of 156,864. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.14 and a quick ratio of 1.40. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 23.14 and a beta of 1.06. The business has a 50 day moving average of $78.67 and a two-hundred day moving average of $79.25. Tennant has a fifty-two week low of $67.32 and a fifty-two week high of $98.89.

Hedge Funds Weigh In On Tennant

Several large investors have recently added to or reduced their stakes in TNC. Savant Capital LLC purchased a new stake in Tennant in the 2nd quarter valued at about $228,000. Bank of New York Mellon Corp grew its stake in Tennant by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 167,384 shares of the industrial products company's stock valued at $12,969,000 after buying an additional 4,377 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of Tennant by 15.8% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 6,100 shares of the industrial products company's stock valued at $473,000 after purchasing an additional 831 shares in the last quarter. Lightrock Netherlands B.V. grew its position in shares of Tennant by 27.8% during the 2nd quarter. Lightrock Netherlands B.V. now owns 133,176 shares of the industrial products company's stock valued at $10,318,000 after purchasing an additional 29,000 shares in the last quarter. Finally, Peregrine Capital Management LLC bought a new stake in shares of Tennant during the 2nd quarter worth $4,311,000. Institutional investors own 93.33% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.