Share Repurchase Program Approved by Tennant (NYSE:TNC)

Tennant (NYSE:TNC) declared that its Board of Directors has approved a stock buyback program 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 repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Tennant Stock Performance

TNC opened at $87.41 on Friday. The business has a fifty day simple moving average of $83.90 and a 200 day simple moving average of $89.26. The company has a market capitalization of $1.65 billion, a PE ratio of 15.42 and a beta of 1.01. Tennant has a 1 year low of $78.57 and a 1 year high of $124.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.43.

Tennant Announces Dividend

The company 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 $0.295 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.18 annualized dividend and a yield of 1.35%. Tennant’s dividend payout ratio (DPR) is presently 20.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Northcoast Research assumed coverage on Tennant in a research note on Thursday, December 19th. They set a “buy” rating and a $125.00 target price for the company. StockNews.com downgraded Tennant from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st.

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.