Item 5. Market for Registrant’s Common Equity
ITEM 5 – Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
MARKET INFORMATION – Tennant's common stock is traded on the New York Stock Exchange, under the ticker symbol TNC. As of February 10, 2024, there were 254 shareholders of record.
DIVIDEND INFORMATION – Cash dividends on Tennant’s common stock have been paid for 79 consecutive years. Tennant’s annual cash dividend payout increased for the 52 nd consecutive year to $1.075 per share in 2023, an increase of $0.06 per share over 2022. Dividends are generally declared each quarter. On February 13, 2024, the Company announced a quarterly cash dividend of $0.28 per share payable March 15, 2024, to shareholders of record on February 29, 2024.
DIVIDEND REINVESTMENT OR DIRECT DEPOSIT OPTIONS – Shareholders have the option of reinvesting quarterly dividends in additional shares of Company stock or having dividends deposited directly to a bank account. The Transfer Agent should be contacted for additional information.
TRANSFER AGENT AND REGISTRAR – Shareholders with a change of address or questions about their account may contact:
Equiniti Trust Company
Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0854
(800) 468-9716
SHARE REPURCHASES – Share repurchases are made from time to time in the open market or through privately negotiated transactions. During the twelve months ended December 31, 2023, the Company paid $21.7 million to repurchase 290,920 shares of its common stock. The most recent share repurchase program approved by the Board of Directors on October 31, 2016 authorized the repurchase of 1,000,000 shares of our common stock.
For the Quarter Ended
December 31, 2023 Total Number of Shares
Purchased (a)
Average Price Paid
Per Share Total Number of Shares Purchased as Part
of Publicly Announced Plans or
Programs Maximum Number of Shares that May
Yet Be Purchased Under the Plans or
Programs
October 1–31, 2023 69,447 $ 75.19 69,447 877,788
November 1–30, 2023 53,979 $ 84.66 53,332 824,456
December 1–31, 2023 3,043 $ 86.06 3,043 821,413
Total 126,469 $ 79.50 125,822 821,413
(a) Includes 647 shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by employees who exercised stock options or restricted stock under employee share-based compensation plans.
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STOCK PERFORMANCE GRAPH – The following graph compares the cumulative total shareholder return on Tennant’s common stock to two indices: S&P SmallCap 600 and S&P 500 Industrials (Sector). The graph below compares the performance for the last five fiscal years, assuming an investment of $100 on December 31, 2018, including the reinvestment of all dividends.
2018 2019 2020 2021 2022 2023
Tennant Company $ 100 $ 152 $ 138 $ 162 $ 125 $ 190
S&P SmallCap 600 $ 100 $ 123 $ 137 $ 173 $ 145 $ 169
S&P 500 Industrials (Sector) (TR) $ 100 $ 129 $ 144 $ 174 $ 164 $ 194
Source: Zacks Investment Research, Inc.
ITEM 6 – [Reserved]
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