164,797 Shares in Interface, Inc. $TILE Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 164,797 shares of Interface, valued at approximately $5.9 million, giving it a 0.28% stake. Institutional investors collectively own 98.34% of the company.
• Analysts remain broadly positive, with Interface holding an average “Buy” rating and a consensus price target of $40.50; Barrington Research raised its target to $45.
• Interface reported quarterly earnings of $0.88 per share, exceeding estimates of $0.64, while revenue increased 5.4% year over year to $395.7 million. The company also paid a quarterly dividend of $0.03 per share.

Bank of America Corp DE acquired a new stake in Interface, Inc. (NASDAQ:TILE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 164,797 shares of the textile maker's stock, valued at approximately $5,906,000. Bank of America Corp DE owned about 0.28% of Interface as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Interface during the 2nd quarter valued at $338,055,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Interface in the 2nd quarter worth $66,077,000. GW&K Investment Management LLC increased its position in shares of Interface by 12.7% in the fourth quarter. GW&K Investment Management LLC now owns 993,413 shares of the textile maker's stock valued at $27,736,000 after acquiring an additional 111,564 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Interface in the second quarter valued at about $16,508,000. Finally, Renaissance Technologies LLC raised its stake in shares of Interface by 107.6% during the first quarter. Renaissance Technologies LLC now owns 460,156 shares of the textile maker's stock valued at $11,467,000 after acquiring an additional 238,515 shares during the last quarter. Institutional investors own 98.34% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on TILE. Barrington Research increased their target price on shares of Interface from $36.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Weiss Ratings raised Interface from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Zacks Research upgraded Interface from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 26th. Finally, Wall Street Zen lowered Interface from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $40.50.

Insider Activity at Interface

In other Interface news, CEO Laurel Hurd sold 7,000 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $39.09, for a total value of $273,630.00. Following the sale, the chief executive officer owned 506,978 shares in the company, valued at approximately $19,817,770.02. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David B. Foshee sold 28,451 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $35.99, for a total transaction of $1,023,951.49. Following the transaction, the vice president directly owned 146,563 shares of the company's stock, valued at $5,274,802.37. This represents a 16.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,621 shares of company stock valued at $1,982,404 in the last three months. Company insiders own 2.47% of the company's stock.

Interface Price Performance

Shares of NASDAQ:TILE opened at $35.20 on Monday. Interface, Inc. has a 52-week low of $24.40 and a 52-week high of $40.50. The firm has a market capitalization of $2.04 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.99 and a beta of 1.92. The stock has a 50 day moving average price of $35.92 and a 200-day moving average price of $31.66. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.35 and a current ratio of 2.53.

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

Interface Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, September 4th. Interface's dividend payout ratio (DPR) is presently 4.86%.

Interface Profile

Interface, Inc designs and manufactures modular flooring and interior solutions for commercial and residential spaces. Its product portfolio includes modular carpet tile, broadloom carpet, luxury vinyl tile, resilient flooring and rubber flooring, as well as acoustic products and related accessories. The company markets its offerings under brands that include Interface, FLOR and nora.

Interface serves customers in a range of industries, including corporate offices, hospitality, education, healthcare, retail and government.

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