Share Repurchase Program Approved by Tennant (NYSE:TNC)

Tennant (NYSE:TNC) declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 13th, RTT News reports. The company plans to repurchase 2,000,000 shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TNC shares. StockNews.com cut Tennant from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Northcoast Research initiated coverage on Tennant in a report on Thursday, December 19th. They issued a “buy” rating and a $125.00 target price for the company.

Tennant Trading Down 0.9 %

NYSE TNC opened at $87.41 on Friday. The business’s 50-day moving average price is $83.90 and its two-hundred day moving average price is $89.26. Tennant has a 12 month low of $78.57 and a 12 month high of $124.11. The firm has a market capitalization of $1.65 billion, a PE ratio of 15.42 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.

Tennant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.295 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.35%. Tennant’s dividend payout ratio (DPR) is presently 20.81%.

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.