Interface, Inc. (TILE) Trading Up 5.6% Following Strong Earnings

Interface, Inc. (NASDAQ:TILE) shares were up 5.6% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $23.15 and last traded at $22.80. Approximately 924,786 shares traded hands during mid-day trading, an increase of 162% from the average daily volume of 353,612 shares. The stock had previously closed at $21.60.

The textile maker reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The business had revenue of $257.43 million during the quarter, compared to analysts’ expectations of $255.63 million. Interface had a net margin of 5.21% and a return on equity of 19.66%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be paid a dividend of $0.065 per share. The ex-dividend date is Thursday, November 9th. This represents a $0.26 annualized dividend and a yield of 1.14%. Interface’s dividend payout ratio is presently 33.33%.

Several analysts have recently weighed in on TILE shares. ValuEngine raised shares of Interface from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. BidaskClub raised shares of Interface from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $19.00 price target on shares of Interface in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Interface presently has an average rating of “Hold” and an average target price of $19.00.

In other news, VP Stansfield Nigel sold 8,450 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $19.26, for a total value of $162,747.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel T. Hendrix sold 5,000 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $21.45, for a total transaction of $107,250.00. The disclosure for this sale can be found here. In the last three months, insiders sold 71,450 shares of company stock valued at $1,513,277. Corporate insiders own 1.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Interface in the 1st quarter worth approximately $106,000. Victory Capital Management Inc. lifted its holdings in shares of Interface by 38.3% in the 1st quarter. Victory Capital Management Inc. now owns 6,671 shares of the textile maker’s stock worth $127,000 after acquiring an additional 1,849 shares during the last quarter. KBC Group NV acquired a new position in shares of Interface in the 2nd quarter worth approximately $133,000. Trust Co. of Vermont lifted its holdings in shares of Interface by 34.6% in the 2nd quarter. Trust Co. of Vermont now owns 11,345 shares of the textile maker’s stock worth $223,000 after acquiring an additional 2,915 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of Interface in the 2nd quarter worth approximately $224,000. Hedge funds and other institutional investors own 92.24% of the company’s stock.

The company has a market cap of $1.40 billion, a PE ratio of 29.34 and a beta of 1.24. The company has a 50-day moving average of $21.31 and a 200 day moving average of $19.91.

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About Interface

Interface Inc is engaged in design, production and sale of modular carpet, also known as carpet tile. As of January 1, 2017, the Company marketed its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company operates through three segments: Americas, Europe and Asia-Pacific.

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