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      Analyst Upgrade Led To A Surge In Tennant (TNC) Stock

      By Fahim Awan

      Published on

      November 2, 2023

      10:19 AM UTC

      Analyst Upgrade Led To A Surge In Tennant (TNC) Stock

      Tennant Company (NYSE: TNC) stock exhibited a notable upswing of 6.99%, concluding the previous trading session at $79.41. This surge in the value of Tennant stock was catalyzed by an analyst upgrade yesterday. On Wednesday, CJS Securities elevated its assessment of TNC stock, upgrading it from a “Market Perform” to an “Outperform”. It is worth noting that the analysts at the firm chose to retain the price target for TNC stock, steadfastly maintaining it at $100.

      In a recent development, the Board of Directors at Tennant (TNC) has given its approval to augment the quarterly cash dividend to $0.28 per share, marking a substantial 5.7% escalation. This enhanced dividend will be disbursed to shareholders on December 15, 2023, with eligibility for those who are officially recorded as shareholders by the closure of business on November 30, 2023.

      The soundness of TNC’s financial foundation, along with its strong liquidity position and well-regulated capital allocation program, has facilitated the organization’s continued commitment to augmenting dividends, thereby generating enduring value for its esteemed shareholders. Notably, Tennant Company has consistently distributed a cash dividend for a remarkable span of 79 uninterrupted years, concurrently increasing the dividend payout for an impressive 52 consecutive years.

      In a parallel development, Tennant has recently introduced two new additions to its lineup of walk-behind floor scrubbers: the T260 and the T391. The T260 stands as a compact 20-inch walk-behind floor scrubber, meticulously designed to facilitate swift and uncomplicated operation. Its modest dimensions endow it with exceptional visibility while navigating through confined spaces. The T260 finds its application excellence in sectors such as retail, healthcare, education, and hospitality.

      On the other hand, the T391 emerges as a mid-sized walk-behind scrubber, available in two distinct scrub path sizes. This apparatus is thoughtfully tailored for facility proprietors and operators seeking an efficient machine that is both user-friendly and straightforward to maintain. Its versatility suits a wide range of environments, including healthcare, education, retail, and public spaces.

      Throughout the current year, TNC has remained dedicated to introducing novel machinery solutions that cater to the diverse needs of its clients, encompassing various types of facilities. These innovations at the core emphasize providing clients with a broader spectrum of choices, acknowledging that each facility’s cleaning requirements are unique. The newly introduced T260 and T391 models stand out as ideal selections for customers who prioritize ease of operation, powered by top-tier cleaning technology, and fortified by the renowned Tennant experience, all within a competitive pricing framework.

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