Interface (NASDAQ:TILE) Shares Gap Up on Better-Than-Expected Earnings

Shares of Interface, Inc. (NASDAQ:TILE) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $15.86, but opened at $17.70. Interface shares last traded at $17.28, with a volume of 169,237 shares trading hands.

The textile maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.12. Interface had a net margin of 3.53% and a return on equity of 14.95%. The firm had revenue of $289.70 million for the quarter, compared to analyst estimates of $284.76 million. During the same quarter last year, the business posted $0.07 earnings per share. The company’s quarterly revenue was down 2.1% on a year-over-year basis.

Interface Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.04 annualized dividend and a dividend yield of 0.23%. Interface’s dividend payout ratio is 5.26%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. TheStreet raised shares of Interface from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Truist Financial boosted their price objective on shares of Interface from $10.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, February 28th. Finally, Barrington Research boosted their price objective on shares of Interface from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday.

Institutional Trading of Interface

A number of institutional investors have recently bought and sold shares of TILE. SG Americas Securities LLC bought a new stake in Interface during the third quarter valued at $325,000. Independent Advisor Alliance raised its holdings in shares of Interface by 3.8% in the 3rd quarter. Independent Advisor Alliance now owns 67,510 shares of the textile maker’s stock worth $662,000 after acquiring an additional 2,476 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Interface by 86.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,235 shares of the textile maker’s stock worth $149,000 after acquiring an additional 7,052 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Interface by 24.2% in the 3rd quarter. Panagora Asset Management Inc. now owns 226,659 shares of the textile maker’s stock worth $2,224,000 after acquiring an additional 44,186 shares during the last quarter. Finally, Olympiad Research LP acquired a new stake in shares of Interface in the 3rd quarter worth about $141,000. Institutional investors own 98.34% of the company’s stock.

Interface Stock Up 9.6 %

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.42 and a current ratio of 2.72. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 22.88, a price-to-earnings-growth ratio of 1.01 and a beta of 1.99. The stock’s fifty day moving average is $15.85 and its two-hundred day moving average is $12.93.

Interface Company Profile

Interface, Inc designs, produces, and sells modular carpet products primarily worldwide. The company operates in two segments, Americas (AMS), and Europe, Africa, Asia and Australia (EAAA). The company offers modular carpets under the Interface and FLOR brand names; luxury vinyl tiles; carpet tiles under the CQuestGB name for use in commercial interiors, include offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, as well as residential interiors; and modular resilient flooring products.