Interface (NASDAQ:TILE) Sets New 1-Year High After Better-Than-Expected Earnings

Shares of Interface, Inc. (NASDAQ:TILE) reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $22.69 and last traded at $22.25, with a volume of 248789 shares changing hands. The stock had previously closed at $17.47.

The textile maker reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.14. Interface had a return on equity of 18.42% and a net margin of 5.20%. The company had revenue of $344.30 million during the quarter, compared to analyst estimates of $336.39 million. During the same quarter in the previous year, the company posted $0.28 EPS. Interface’s revenue for the quarter was up 10.7% on a year-over-year basis.

Interface Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a dividend of $0.01 per share. The ex-dividend date was Friday, August 30th. This represents a $0.04 annualized dividend and a yield of 0.17%. Interface’s payout ratio is currently 3.57%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Barrington Research boosted their price objective on shares of Interface from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday. StockNews.com upgraded Interface from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 6th.

Insider Activity

In other Interface news, Director Daniel T. Hendrix sold 3,403 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $15.99, for a total value of $54,413.97. Following the completion of the sale, the director now directly owns 200,147 shares in the company, valued at $3,200,350.53. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Daniel T. Hendrix sold 3,403 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $15.99, for a total value of $54,413.97. Following the sale, the director now directly owns 200,147 shares of the company’s stock, valued at $3,200,350.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Bruce Andrew Hausmann sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $17.00, for a total value of $935,000.00. Following the transaction, the chief financial officer now directly owns 198,475 shares of the company’s stock, valued at approximately $3,374,075. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,458 shares of company stock valued at $1,339,433. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Interface

A number of large investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new stake in shares of Interface in the second quarter worth $32,000. Allspring Global Investments Holdings LLC bought a new position in Interface during the first quarter valued at $57,000. nVerses Capital LLC purchased a new position in Interface in the third quarter worth about $70,000. DekaBank Deutsche Girozentrale bought a new position in shares of Interface during the 2nd quarter valued at approximately $91,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Interface in the 2nd quarter worth about $106,000. Institutional investors own 98.34% of the company’s stock.

Interface Stock Up 33.0 %

The firm has a market cap of $1.35 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 0.93 and a beta of 1.97. The company has a 50-day simple moving average of $18.64 and a 200-day simple moving average of $16.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.76 and a quick ratio of 1.45.

About Interface

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.