Interface, Inc. (NASDAQ:TILE – Get Rating) announced a quarterly dividend on Tuesday, November 15, reports RTT News. Shareholders of record on Friday, December 2 will receive a dividend of 0.01 per share from the textile maker on Friday, December 16. This represents a dividend of $0.04 on an annualized basis and a dividend yield of 0.36%.
Interface has reduced its dividend by an average of 46.4% per year over the past three years. Interface has a dividend payout ratio of 2.8%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Interface to earn $1.40 per share next year, meaning the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 2.9%.
Interface price performance
NASDAQ:TILE traded down $0.13 on Tuesday, hitting $11.00. The company had a trading volume of 3,598 shares, compared to its average volume of 197,814. The company has a 50-day moving average of $10.26 and a two-hundred-day moving average of $12.18 . The stock has a market capitalization of $654.17 million, a price-earnings ratio of 9.89 and a beta of 1.87. Interface has a 52-week low of $8.90 and a 52-week high of $17.19. The company has a current ratio of 2.54, a quick ratio of 1.19 and a debt ratio of 1.58.
Hedge funds weigh on the interface
Several large investors have recently changed their stake in the company. Credit Suisse AG increased its stake in Interface by 7.2% during the third quarter. Credit Suisse AG now owns 49,942 shares of the textile maker valued at $449,000 after acquiring 3,369 additional shares last quarter. MetLife Investment Management LLC increased its stake in Interface by 54.9% in Q1. MetLife Investment Management LLC now owns 31,795 shares of the textile maker worth $431,000 after buying 11,267 additional shares last quarter. Engineers Gate Manager LP purchased a new position in Interface in Q1 valued at approximately $347,000. UBS Group AG increased its stake in Interface by 20.6% in the third quarter. UBS Group AG now owns 33,807 shares of the textile maker worth $303,000 after buying an additional 5,764 shares last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Interface by 131.1% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 27,574 shares of the textile maker worth $248,000 after buying an additional 15,644 shares last quarter. Hedge funds and other institutional investors hold 90.02% of the company’s shares.
Changes to analyst ratings
Several equity research analysts have recently weighed in on the stock. Truist Financial cut its price target on Interface shares from $19.00 to $13.00 in a Tuesday, November 8 report. StockNews.com upgraded Interface shares from a “strong buy” rating to a “buy” rating in a report on Tuesday, Nov. 8. Finally, TheStreet upgraded Interface’s shares from a “b-” rating to a “c+” rating in a Wednesday, September 21 report.
About the interface
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Interface, Inc, a modular flooring company, designs, produces and sells modular carpet products primarily in America, Europe and Asia-Pacific. The company offers modular carpets under the Interface and FLOR brands; carpet tiles under the name GlasBacRE for use in commercial interiors, including offices, healthcare facilities, airports, educational and other facilities, hospitality areas and retail facilities, as well than residential interiors; modular resilient flooring products; rubber flooring under the norament and noraplan brands; and luxury vinyl tile products.
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