Summit Global Investments Buys Shares of 38,130 Interface, Inc. $TILE

Key Points

• Summit Global Investments initiated a position in Interface, purchasing 38,130 shares valued at approximately $1.37 million, while institutional investors collectively own 98.34% of the company.
• Interface reported quarterly earnings of $0.88 per share, beating estimates of $0.64, on revenue of $395.7 million, up 5.4% year over year.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $40.50; the company also declared a $0.03 quarterly dividend.

Summit Global Investments purchased a new position in shares of Interface, Inc. (NASDAQ:TILE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,130 shares of the textile maker's stock, valued at approximately $1,367,000. Summit Global Investments owned approximately 0.07% of Interface as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Interface by 133.9% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,008,260 shares of the textile maker's stock valued at $56,071,000 after acquiring an additional 1,149,733 shares in the last quarter. UBS Group AG increased its holdings in Interface by 413.8% in the 4th quarter. UBS Group AG now owns 499,035 shares of the textile maker's stock worth $13,933,000 after purchasing an additional 401,912 shares in the last quarter. Balyasny Asset Management L.P. raised its position in 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 last quarter. Northwestern Mutual Wealth Management Co. raised its position in 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 during the last quarter. Finally, Renaissance Technologies LLC boosted 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 purchasing an additional 238,515 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors.

Interface Trading Down 2.0%

NASDAQ TILE opened at $37.96 on Friday. The business's 50-day moving average price is $33.97 and its two-hundred day moving average price is $30.71. Interface, Inc. has a 12 month low of $24.40 and a 12 month high of $40.50. The firm has a market capitalization of $2.20 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.09 and a beta of 1.90. 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 (NASDAQ:TILE - Get Free Report) last issued 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 during 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 business's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, analysts expect that Interface, Inc. will post 2.36 EPS for the current year.

Interface Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were issued a dividend of $0.03 per share. The ex-dividend date was Friday, June 5th. This represents a $0.12 annualized dividend and a yield of 0.3%. Interface's dividend payout ratio (DPR) is presently 4.86%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Benchmark initiated coverage on Interface in a report on Tuesday, May 19th. They set a "buy" rating and a $36.00 price target on the stock. Barrington Research raised their price objective on shares of Interface from $36.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Wall Street Zen downgraded shares of Interface from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Zacks Research lowered shares of Interface from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Interface from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.50.

Insider Activity at Interface

In other news, CFO Bruce Andrew Hausmann sold 50,000 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $29.66, for a total value of $1,483,000.00. Following the sale, the chief financial officer directly owned 119,256 shares of the company's stock, valued at approximately $3,537,132.96. This represents a 29.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP David B. Foshee sold 44,393 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $29.00, for a total transaction of $1,287,397.00. Following the sale, the vice president owned 175,014 shares of the company's stock, valued at approximately $5,075,406. This trade represents a 20.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.47% of the stock is currently owned by company insiders.

Interface Profile

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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