Bank of New York Mellon Corp Invests $16.51 Million in Interface, Inc. $TILE

Key Points

• Bank of New York Mellon acquired 460,589 shares of Interface, valued at approximately $16.5 million, giving it a 0.79% stake. Institutional investors collectively own 98.34% of the company.
• Interface reported quarterly earnings of $0.88 per share, exceeding the $0.64 analyst consensus, while revenue rose 5.4% year over year to $395.7 million.
• Analysts maintain a generally positive outlook, with the stock carrying an average “Buy” rating and a $40.50 price target. Interface also declared a quarterly dividend of $0.03 per share, yielding approximately 0.3%.

Bank of New York Mellon Corp acquired a new position in shares of Interface, Inc. (NASDAQ:TILE - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 460,589 shares of the textile maker's stock, valued at approximately $16,508,000. Bank of New York Mellon Corp owned about 0.79% of Interface at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Fuller & Thaler Asset Management Inc. increased its stake in Interface by 133.9% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,008,260 shares of the textile maker's stock worth $56,071,000 after purchasing an additional 1,149,733 shares during the period. UBS Group AG boosted its stake in shares of Interface by 413.8% in the fourth quarter. UBS Group AG now owns 499,035 shares of the textile maker's stock valued at $13,933,000 after purchasing an additional 401,912 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Interface by 273.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 386,828 shares of the textile maker's stock valued at $10,800,000 after purchasing an additional 283,152 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Interface by 2,333.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 280,986 shares of the textile maker's stock valued at $7,845,000 after purchasing an additional 269,439 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Interface by 107.6% in the first quarter. Renaissance Technologies LLC now owns 460,156 shares of the textile maker's stock valued at $11,467,000 after purchasing an additional 238,515 shares in the last quarter. 98.34% of the stock is currently owned by hedge funds and other institutional investors.

Interface Trading Down 1.7%

NASDAQ TILE opened at $37.92 on Tuesday. 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, Inc. has a 52 week low of $24.40 and a 52 week high of $40.50. The stock has a market capitalization of $2.20 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 1.09 and a beta of 1.90. The firm has a 50 day moving average of $35.51 and a two-hundred day moving average of $31.15.

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

Interface Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research raised shares of Interface from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 26th. Barrington Research increased their price objective on Interface from $36.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Wall Street Zen cut Interface from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Benchmark began coverage on Interface in a report on Tuesday, May 19th. They issued a "buy" rating and a $36.00 target price for the company. Finally, Weiss Ratings raised Interface from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $40.50.

Insider Transactions at Interface

In other Interface news, CEO Laurel Hurd sold 7,000 shares of Interface stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $39.09, for a total transaction of $273,630.00. Following the completion of the sale, the chief executive officer directly owned 506,978 shares of the company's stock, valued at $19,817,770.02. The trade was a 1.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.47% of the stock is owned by company insiders.

About Interface

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.

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