Jupiter Asset Management Ltd. Acquires 76,103 Shares of Interface, Inc. (NASDAQ:TILE)

Key Points

• Jupiter Asset Management Ltd. increased its holdings in Interface, Inc. by 28.5%, acquiring 76,103 shares to reach a total of 343,102 shares worth approximately $6.8 million.
• Interface's recent quarterly earnings report showed an EPS of $0.60, exceeding analysts' expectations and marking an 8.3% year-over-year revenue growth.
• Several hedge funds have also significantly invested in Interface recently, with institutional investors now owning 98.34% of the company's stock.

Jupiter Asset Management Ltd. increased its position in shares of Interface, Inc. (NASDAQ:TILE - Free Report) by 28.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 343,102 shares of the textile maker's stock after purchasing an additional 76,103 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.59% of Interface worth $6,807,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TILE. Allspring Global Investments Holdings LLC raised its stake in Interface by 56.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,649 shares of the textile maker's stock worth $291,000 after purchasing an additional 5,299 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Interface by 277.1% in the first quarter. Envestnet Asset Management Inc. now owns 97,270 shares of the textile maker's stock valued at $1,930,000 after acquiring an additional 71,476 shares during the last quarter. North Star Investment Management Corp. boosted its stake in shares of Interface by 9.9% during the first quarter. North Star Investment Management Corp. now owns 166,075 shares of the textile maker's stock worth $3,295,000 after buying an additional 15,000 shares during the period. Harbor Capital Advisors Inc. purchased a new position in shares of Interface during the 1st quarter worth about $304,000. Finally, Raymond James Financial Inc. bought a new stake in Interface in the fourth quarter valued at $2,498,000. Institutional investors and hedge funds own 98.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on TILE shares. Barrington Research raised their price target on shares of Interface from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Wall Street Zen raised Interface from a "hold" rating to a "buy" rating in a report on Saturday, May 10th.

Interface Price Performance

TILE traded down $0.91 during trading on Thursday, hitting $24.80. The company's stock had a trading volume of 115,850 shares, compared to its average volume of 456,975. The company has a current ratio of 2.88, a quick ratio of 1.59 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 15.32, a P/E/G ratio of 1.00 and a beta of 2.00. The business's fifty day simple moving average is $21.09 and its 200 day simple moving average is $20.71. Interface, Inc. has a twelve month low of $16.20 and a twelve month high of $27.34.

Interface (NASDAQ:TILE - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The textile maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.13. The firm had revenue of $375.52 million during the quarter, compared to the consensus estimate of $360.57 million. Interface had a return on equity of 18.97% and a net margin of 7.08%. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 earnings per share. On average, equities research analysts forecast that Interface, Inc. will post 1.37 EPS for the current fiscal year.

Interface Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, May 30th. Interface's dividend payout ratio is presently 2.47%.

Insider Activity at Interface

In other news, VP James Poppens sold 19,474 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $20.14, for a total value of $392,206.36. Following the completion of the sale, the vice president directly owned 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 sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.30% of the company's stock.

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.