Tennant (TNC) Declares $0.26 Dividend

Tennant said on April 25, 2023 that its board of directors declared a regular quarterly dividend of $0.26 per share ($1.06 annualized). Previously, the company paid $0.26 per share.

Shares must be purchased before the ex-div date of May 30, 2023 to qualify for the dividend. Shareholders of record as of May 31, 2023 will receive the payment on June 15, 2023.

At the current share price of $65.05 / share, the stock's dividend yield is 1.63%. Looking back five years and taking a sample every week, the average dividend yield has been 1.35%, the lowest has been 1.04%, and the highest has been 1.82%. The standard deviation of yields is 0.19 (n=235).

The current dividend yield is 1.45 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.30. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.20%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 448 funds or institutions reporting positions in Tennant. This is an increase of 7 owner(s) or 1.59% in the last quarter. Average portfolio weight of all funds dedicated to TNC is 0.17%, a decrease of 5.13%. Total shares owned by institutions increased in the last three months by 3.18% to 22,295K shares. The put/call ratio of TNC is 0.59, indicating a bullish outlook.

Analyst Price Forecast Suggests 37.46% Upside

As of April 24, 2023, the average one-year price target for Tennant is 89.42. The forecasts range from a low of 82.82 to a high of $102.90. The average price target represents an increase of 37.46% from its latest reported closing price of 65.05.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Tennant is 1,152MM, an increase of 5.48%. The projected annual non-GAAP EPS is 4.54.

What are Other Shareholders Doing?

ArrowMark Colorado Holdings holds 1,735K shares representing 9.35% ownership of the company. In it's prior filing, the firm reported owning 1,764K shares, representing a decrease of 1.65%. The firm increased its portfolio allocation in TNC by 4.23% over the last quarter.

Mairs & Power holds 1,632K shares representing 8.80% ownership of the company. In it's prior filing, the firm reported owning 1,673K shares, representing a decrease of 2.54%. The firm increased its portfolio allocation in TNC by 1.30% over the last quarter.

IJR - iShares Core S&P Small-Cap ETF holds 1,378K shares representing 7.43% ownership of the company. In it's prior filing, the firm reported owning 1,363K shares, representing an increase of 1.13%. The firm increased its portfolio allocation in TNC by 0.16% over the last quarter.

MPGFX - Mairs & Power Growth Fund holds 938K shares representing 5.06% ownership of the company. In it's prior filing, the firm reported owning 943K shares, representing a decrease of 0.53%. The firm increased its portfolio allocation in TNC by 5.57% over the last quarter.

Clearbridge Investments holds 828K shares representing 4.46% ownership of the company. In it's prior filing, the firm reported owning 821K shares, representing an increase of 0.83%. The firm increased its portfolio allocation in TNC by 7.51% over the last quarter.

Tennant Background Information
(This description is provided by the company.)

Founded in 1870, Tennant Company (TNC), headquartered in Minneapolis, Minnesota, is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; cleaning tools and supplies; and coatings for protecting, repairing and upgrading surfaces. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.14 billion in 2019 and has approximately 4,400 employees. Tennant has manufacturing operations throughout the world and sells products directly in 15 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol '®' are trademarks of Tennant Company registered in the United States and/or other countries.

This story originally appeared on Fintel.