Reynders McVeigh Capital Management LLC Acquires 50,054 Shares of Interface, Inc. $TILE

Key Points

• Reynders McVeigh Capital Management increased its Interface stake by 11.4%, purchasing 50,054 additional shares to own 489,736 shares worth approximately $17.6 million. Institutional investors collectively hold 98.34% of the company.
• Interface reported a strong quarter, with earnings of $0.88 per share versus the $0.64 consensus estimate and revenue of $395.7 million, up 5.4% year over year. Analysts maintain a consensus “Buy” rating with an average price target of $40.50.
• Interface declared a quarterly dividend of $0.03 per share, equivalent to a $0.12 annualized payout and 0.3% yield. Meanwhile, company insiders sold shares totaling approximately $1.6 million over the past three months.

Reynders McVeigh Capital Management LLC boosted its holdings in shares of Interface, Inc. (NASDAQ:TILE - Free Report) by 11.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 489,736 shares of the textile maker's stock after acquiring an additional 50,054 shares during the period. Reynders McVeigh Capital Management LLC owned 0.84% of Interface worth $17,552,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. WINTON GROUP Ltd purchased a new stake in shares of Interface in the 2nd quarter worth approximately $888,000. Nykredit A S bought a new position in shares of Interface during the second quarter valued at $47,000. Corient Private Wealth LP bought a new position in shares of Interface during the second quarter valued at $319,000. Amundi raised its position in shares of Interface by 41.8% in the 2nd quarter. Amundi now owns 13,083 shares of the textile maker's stock worth $469,000 after purchasing an additional 3,858 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Interface in the 2nd quarter worth about $254,000. Institutional investors own 98.34% of the company's stock.

Interface Stock Performance

NASDAQ:TILE traded down $0.06 during trading hours on Tuesday, reaching $34.37. The company had a trading volume of 434,719 shares, compared to its average volume of 525,875. The company has a current ratio of 2.53, a quick ratio of 1.35 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 firm has a market cap of $2.00 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 0.96 and a beta of 1.92. The firm's 50 day moving average price is $35.63 and its 200-day moving average price is $31.34.

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 firm had revenue of $395.70 million for the quarter, compared to analysts' expectations of $391.22 million. Interface had a return on equity of 21.77% and a net margin of 10.10%.The company's revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 EPS. On average, analysts forecast that Interface, Inc. will post 2.36 EPS for the current year.

Interface Announces Dividend

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

Insider Activity at Interface

In other Interface news, Director Daniel Hendrix sold 8,000 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $37.13, for a total transaction of $297,040.00. Following the completion of the sale, the director owned 88,147 shares of the company's stock, valued at approximately $3,272,898.11. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Laurel Hurd sold 7,000 shares of the business's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $39.09, for a total value of $273,630.00. Following the transaction, the chief executive officer owned 506,978 shares of the company's stock, valued at approximately $19,817,770.02. This trade represents a 1.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 43,621 shares of company stock worth $1,601,274. Corporate insiders own 2.47% of the company's stock.

Wall Street Analyst Weigh In

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

Interface Company 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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