Summit Global Investments Buys 33,970 Shares of Interface, Inc. (NASDAQ:TILE)

Summit Global Investments lifted its position in shares of Interface, Inc. (NASDAQ:TILE - Free Report) by 259.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,088 shares of the textile maker's stock after purchasing an additional 33,970 shares during the period. Summit Global Investments owned 0.08% of Interface worth $934,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of Interface during the fourth quarter valued at about $2,498,000. Virtus Fund Advisers LLC bought a new position in shares of Interface during the fourth quarter valued at about $48,000. Deutsche Bank AG lifted its position in shares of Interface by 56.6% during the fourth quarter. Deutsche Bank AG now owns 53,032 shares of the textile maker's stock valued at $1,291,000 after purchasing an additional 19,163 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Interface by 170.3% during the fourth quarter. Nuveen Asset Management LLC now owns 641,730 shares of the textile maker's stock valued at $15,626,000 after purchasing an additional 404,277 shares in the last quarter. Finally, Amundi lifted its position in shares of Interface by 202.0% during the fourth quarter. Amundi now owns 34,408 shares of the textile maker's stock valued at $804,000 after purchasing an additional 23,013 shares in the last quarter. 98.34% of the stock is owned by institutional investors.

Interface Stock Performance

NASDAQ TILE traded down $0.26 during trading hours on Monday, reaching $19.83. 305,042 shares of the company were exchanged, compared to its average volume of 510,018. Interface, Inc. has a 1 year low of $14.13 and a 1 year high of $27.34. The business's 50 day simple moving average is $19.47 and its 200-day simple moving average is $21.98. The company has a quick ratio of 1.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $1.16 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.96 and a beta of 1.95.

Interface (NASDAQ:TILE - Get Free Report) last posted its earnings results on Friday, May 2nd. The textile maker reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.04. The firm had revenue of $297.41 million during the quarter, compared to the consensus estimate of $297.11 million. Interface had a net margin of 6.49% and a return on equity of 19.91%. The company's revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. On average, equities research analysts expect that Interface, Inc. will post 1.37 earnings per share for the current year.

Interface Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.20%. Interface's dividend payout ratio (DPR) is currently 2.76%.

Insider Activity

In other news, VP James Poppens sold 19,474 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $20.14, for a total value of $392,206.36. Following the completion of the transaction, the vice president now directly owns 130,142 shares in the company, valued at approximately $2,621,059.88. This trade represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Interface from a "hold" rating to a "buy" rating in a report on Saturday, May 10th. Barrington Research restated an "outperform" rating and set a $30.00 price objective on shares of Interface in a report on Friday, May 2nd.

Interface 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.