Tennant Co. (TNC) Raises Quarterly Dividend 5% to $0.21 and Approves Additional 1M Share Buyback
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Tennant Co. (NYSE: TNC) declared a quarterly dividend of $0.21 per share, or $0.84 annualized. This is a 5% increase from the prior dividend of $0.20.
The dividend will be payable on December 15, 2016, to stockholders of record on November 30, 2016, with an ex-dividend date of November 28, 2016.
The annual yield on the dividend is 1.3 percent.
The Tennant board of directors also authorized a new share repurchase program of up to one million shares of the company’s common stock. This is in addition to approximately 395,000 shares remaining under its current repurchase program. Share repurchases under these programs may be made through open market and privately negotiated transactions from time to time and in amounts that management deems appropriate. The timing of share repurchases to enhance shareholder value will depend upon market conditions and other corporate considerations. Tennant has approximately 17,600,000 shares outstanding.
Commenting on the new authorizations, Chris Killingstad, Tennant Company’s president and chief executive officer, said, “We remain committed to investing for growth, with disciplined spending, as we strive to reach our goal of $1 billion in organic sales and a 12 percent operating profit margin. These new authorizations reflect the board’s confidence in our business and the strength of our capital position.”
For a dividend history and other dividend-related data on Tennant Co. (TNC) click here.
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