Interface (NASDAQ:TILE) Reaches New 52-Week High Following Strong Earnings

Shares of Interface, Inc. (NASDAQ:TILE) hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $36.99 and last traded at $37.10, with a volume of 26238 shares. The stock had previously closed at $35.10.

The textile maker reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.24. The business had revenue of $395.70 million during the quarter, compared to the consensus estimate of $391.22 million. Interface had a return on equity of 20.09% and a net margin of 8.92%.The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS.

Interface Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were given a $0.03 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Interface’s payout ratio is presently 5.61%.

Wall Street Analyst Weigh In

TILE has been the topic of several recent analyst reports. Zacks Research lowered Interface from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Interface from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Interface in a research note on Wednesday, June 17th. Barrington Research reiterated an “outperform” rating and issued a $36.00 target price on shares of Interface in a research note on Friday, April 17th. Finally, Benchmark assumed coverage on shares of Interface in a report on Tuesday, May 19th. They issued a “buy” rating and a $36.00 price target on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Insider Buying and Selling

In related news, CFO Bruce Andrew Hausmann sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was 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 $3,537,132.96. This represents a 29.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David B. Foshee sold 44,393 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $29.00, for a total transaction of $1,287,397.00. Following the transaction, the vice president directly owned 175,014 shares of the company’s stock, valued at $5,075,406. This represents a 20.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.47% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Interface

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. boosted its position in 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. Bank of New York Mellon Corp purchased a new stake in shares of Interface during the 2nd quarter worth $16,508,000. UBS Group AG boosted its position in Interface by 413.8% during 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 in the last quarter. Balyasny Asset Management L.P. boosted its position in Interface by 273.1% during 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Interface by 2,333.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 280,986 shares of the textile maker’s stock worth $7,845,000 after buying an additional 269,439 shares during the last quarter. 98.34% of the stock is owned by institutional investors.

Interface Stock Up 10.2%

The company’s fifty day simple moving average is $32.91 and its 200-day simple moving average is $30.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.43 and a quick ratio of 1.16. The firm has a market capitalization of $2.25 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 1.11 and a beta of 1.90.

Interface Company 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.