Interface, Inc. (NASDAQ:TILE – Get Rating) declared a quarterly dividend on Tuesday, August 16, reports RTT News. Shareholders of record on Friday, September 2 will receive a dividend of 0.10 per share from the textile manufacturer on Friday, September 16. This represents a dividend of $0.40 on an annualized basis and a yield of 3.00%. This is a positive change from Interface’s previous quarterly dividend of $0.01.
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 2.6%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Interface to earn $1.66 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 2.4%.
Interface stock up 0.7%
NASDAQ TILE shares were up $0.09 in midday trading on Tuesday, hitting $13.34. The company had a trading volume of 9,745 shares, compared to an average volume of 237,503. The interface has a one-year low of $11.87 and a one-year high of $18.03. The company has a market capitalization of $793.33 million, a PE ratio of 12.59 and a beta of 1.77. The company has a current ratio of 2.51, a quick ratio of 1.24 and a debt ratio of 1.53. The company has a 50-day simple moving average of $13.30 and a two-hundred-day simple moving average of $13.37.
Interface (NASDAQ:TILE – Get Rating) last reported quarterly earnings data on Friday, August 5. The textile maker reported earnings per share (EPS) of $0.36 for the quarter, beating analysts’ consensus estimate of $0.32 by $0.04. The company posted revenue of $346.60 million for the quarter, compared to $357.70 million expected by analysts. Interface had a return on equity of 23.39% and a net margin of 4.89%. The company’s revenues increased by 17.6% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $0.30. On average, equity analysts expect Interface to post 1.21 EPS for the current year.
Institutional entries and exits
Institutional investors and hedge funds have recently changed their positions in the stock. Invesco Ltd. increased its position in Interface by 18.4% in the 1st quarter. Invesco Ltd. now owns 1,378,806 shares of the textile maker valued at $18,711,000 after purchasing an additional 214,547 shares during the period. Millennium Management LLC increased its stake in Interface shares by 73.7% in the second quarter. Millennium Management LLC now owns 345,648 shares of the textile maker valued at $4,334,000 after purchasing an additional 146,634 shares during the period. Citadel Advisors LLC increased its position in Interface shares by 2,730.4% during the second quarter. Citadel Advisors LLC now owns 68,391 shares of the textile maker valued at $858,000 after buying an additional 70,991 shares last quarter. Prudential Financial Inc. increased its position in Interface shares by 62.3% during the second quarter. Prudential Financial Inc. now owns 169,934 shares of the textile maker valued at $2,131,000 after acquiring an additional 65,200 shares during the period. Finally, Wellington Management Group LLP increased its equity interest in Interface by 4.0% during the first quarter. Wellington Management Group LLP now owns 1,476,394 shares of the textile maker valued at $20,035,000 after purchasing an additional 57,309 shares during the period. Institutional investors hold 96.30% of the company’s shares.
Changes to analyst ratings
Separately, TheStreet upgraded Interface’s shares from a “c+” rating to a “b-” rating in a Friday, August 5 research note.
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 and retail spaces, as well as residential interiors; modular resilient flooring products; rubber flooring under the norament and noraplan brands; and luxury vinyl tile products.
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