Summit Global Investments Acquires New Holdings in Interface, Inc. (NASDAQ:TILE)

Summit Global Investments bought a new position in shares of Interface, Inc. (NASDAQ:TILE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,118 shares of the textile maker’s stock, valued at approximately $319,000.

A number of other hedge funds also recently bought and sold shares of TILE. State Street Corp lifted its stake in shares of Interface by 0.6% during the 3rd quarter. State Street Corp now owns 2,232,327 shares of the textile maker’s stock worth $42,347,000 after purchasing an additional 13,686 shares during the last quarter. Geode Capital Management LLC raised its holdings in Interface by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,371,976 shares of the textile maker’s stock worth $26,031,000 after purchasing an additional 11,931 shares in the last quarter. Hennessy Advisors Inc. lifted its position in shares of Interface by 6.8% during the fourth quarter. Hennessy Advisors Inc. now owns 608,900 shares of the textile maker’s stock valued at $14,827,000 after buying an additional 38,900 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Interface by 3.8% in the 4th quarter. Principal Financial Group Inc. now owns 315,596 shares of the textile maker’s stock valued at $7,685,000 after buying an additional 11,546 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Interface by 688.5% in the 3rd quarter. Barclays PLC now owns 256,987 shares of the textile maker’s stock worth $4,873,000 after buying an additional 224,395 shares during the last quarter. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Barrington Research restated an “outperform” rating and issued a $30.00 target price on shares of Interface in a research note on Tuesday, February 25th. StockNews.com lowered Interface from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th.

Insider Buying and Selling at Interface

In related news, Director Daniel T. Hendrix sold 12,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $23.78, for a total value of $297,250.00. Following the transaction, the director now owns 103,647 shares in the company, valued at approximately $2,464,725.66. This represents a 10.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 32,500 shares of company stock worth $748,125. 2.60% of the stock is currently owned by insiders.

Interface Stock Performance

TILE opened at $20.34 on Tuesday. The company has a market cap of $1.19 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 0.96 and a beta of 2.18. The company has a quick ratio of 1.38, a current ratio of 2.57 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $21.81 and its 200-day moving average price is $22.10. Interface, Inc. has a 52-week low of $14.13 and a 52-week high of $27.34.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Tuesday, February 25th. The textile maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $335.00 million for the quarter, compared to analyst estimates of $340.51 million. Interface had a net margin of 6.49% and a return on equity of 19.91%. Interface’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 EPS. As a group, equities analysts anticipate that Interface, Inc. will post 1.37 EPS for the current fiscal year.

Interface Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, March 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.20%. Interface’s dividend payout ratio is currently 2.72%.

Interface Profile

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.