Tennant (NYSE:TNC - Get Free Report) announced that its Board of Directors has approved a share buyback plan on Thursday, February 13th, RTT News reports. The company plans to buyback 2,000,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.
Analyst Ratings Changes
Several equities research analysts have recently commented on TNC shares. StockNews.com downgraded shares of Tennant from a "strong-buy" rating to a "buy" rating in a research report on Friday, November 1st. Northcoast Research began coverage on Tennant in a research report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price on the stock.
Read Our Latest Report on TNC
Tennant Stock Down 0.9 %
Shares of TNC stock traded down $0.82 on Monday, hitting $87.41. The stock had a trading volume of 176,257 shares, compared to its average volume of 115,282. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43. The business has a 50 day moving average of $83.90 and a 200 day moving average of $89.13. Tennant has a 12-month low of $78.57 and a 12-month high of $124.11. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 15.42 and a beta of 1.01.
Tennant Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.295 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.35%. Tennant's payout ratio is presently 20.81%.
About Tennant
(
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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.
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