Stock Repurchase Program Declared by Tennant (NYSE:TNC) Board of Directors

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Northcoast Research assumed coverage on shares of Tennant in a research report on Thursday, December 19th. They set a “buy” rating and a $125.00 target price for the company. StockNews.com cut shares of Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

Tennant Stock Performance

Shares of TNC stock opened at $88.16 on Friday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 15.55 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. The firm’s 50 day moving average is $83.82 and its 200 day moving average is $89.53. Tennant has a 12 month low of $78.57 and a 12 month high of $124.11.

Tennant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend is Friday, February 28th. Tennant’s payout ratio is currently 20.81%.

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.