Summit Global Investments Takes $1.37 Million Position in Interface, Inc. $TILE

Summit Global Investments bought a new stake in shares of Interface, Inc. (NASDAQ:TILE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 38,130 shares of the textile maker’s stock, valued at approximately $1,367,000.

Other large investors have also added to or reduced their stakes in the company. Westover Capital Advisors LLC acquired a new position in Interface in the fourth quarter valued at approximately $1,744,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Interface by 2,333.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 280,986 shares of the textile maker’s stock worth $7,845,000 after buying an additional 269,439 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Interface during the 1st quarter worth approximately $3,257,000. AlphaQuest LLC increased its stake in shares of Interface by 304.9% in the 4th quarter. AlphaQuest LLC now owns 50,080 shares of the textile maker’s stock valued at $1,398,000 after acquiring an additional 37,712 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Interface by 195.0% in the 1st quarter. Janus Henderson Group PLC now owns 75,021 shares of the textile maker’s stock valued at $1,869,000 after acquiring an additional 49,590 shares in the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

Analysts Set New Price Targets

TILE has been the topic of several research analyst reports. Wall Street Zen lowered shares of Interface from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Zacks Research downgraded shares of Interface from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 28th. Barrington Research upped their price objective on shares of Interface from $36.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Benchmark began coverage on shares of Interface in a report on Tuesday, May 19th. They set a “buy” rating and a $36.00 price objective on the stock. Finally, Weiss Ratings raised shares of Interface from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Interface has a consensus rating of “Moderate Buy” and an average target price of $40.50.

Interface Trading Down 2.0%

NASDAQ TILE opened at $37.96 on Friday. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.09 and a beta of 1.90. Interface, Inc. has a 52 week low of $24.40 and a 52 week high of $40.50. The business has a 50 day moving average price of $33.97 and a 200-day moving average price of $30.71. The company has a quick ratio of 1.35, a current ratio of 2.53 and a debt-to-equity ratio of 0.29.

Interface (NASDAQ:TILE) last issued its earnings results on Friday, August 7th. The textile maker reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.24. Interface had a return on equity of 21.77% and a net margin of 10.10%.The company had revenue of $395.70 million for the quarter, compared to analyst estimates of $391.22 million. During the same period in the prior year, the firm earned $0.60 earnings per share. Interface’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities analysts expect that Interface, Inc. will post 2.36 earnings per share for the current fiscal year.

Interface Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, June 5th. Interface’s payout ratio is 4.86%.

Insider Buying and Selling at Interface

In other news, CFO Bruce Andrew Hausmann sold 50,000 shares of Interface stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $29.66, for a total transaction of $1,483,000.00. Following the completion of the transaction, the chief financial officer directly owned 119,256 shares in the company, valued at $3,537,132.96. This trade represents a 29.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP David B. Foshee sold 44,393 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $29.00, for a total transaction of $1,287,397.00. Following the sale, the vice president directly owned 175,014 shares of the company’s stock, valued at approximately $5,075,406. The trade was a 20.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.47% of the company’s stock.

Interface Company Profile

Interface, Inc (NASDAQ: TILE) is a global manufacturer of modular flooring and resilient commercial flooring solutions. The company specializes in carpet tiles, luxury vinyl tile (LVT) and other environmentally responsible hard-surface products designed for use in corporate, education, healthcare, hospitality and retail environments. Interface’s portfolio also includes broadloom carpet, rubber flooring and acoustic underlays, all engineered to meet performance, design and sustainability requirements in modern interior spaces.

Founded in 1973 by Ray C.