Virtus Advisers LLC Invests $1.49 Million in Interface, Inc. $TILE

Virtus Advisers LLC bought a new stake in shares of Interface, Inc. (NASDAQ:TILE) during the 2nd quarter, Holdings Channel reports. The fund bought 41,543 shares of the textile maker’s stock, valued at approximately $1,489,000. Interface makes up 0.6% of Virtus Advisers LLC’s portfolio, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in Interface by 8.4% in the first quarter. Royal Bank of Canada now owns 19,657 shares of the textile maker’s stock worth $390,000 after acquiring an additional 1,522 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Interface by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,118 shares of the textile maker’s stock valued at $677,000 after acquiring an additional 1,485 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Interface by 5.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 748,701 shares of the textile maker’s stock valued at $14,854,000 after purchasing an additional 42,011 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Interface by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 151,950 shares of the textile maker’s stock valued at $3,015,000 after purchasing an additional 9,580 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Interface by 24.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 201,630 shares of the textile maker’s stock worth $4,220,000 after purchasing an additional 39,941 shares in the last quarter. Institutional investors own 98.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on TILE shares. Benchmark began coverage on shares of Interface in a research report on Tuesday, May 19th. They issued a “buy” rating and a $36.00 target price for the company. Zacks Research cut shares of Interface from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Interface from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Wall Street Zen lowered shares of Interface from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Barrington Research lifted their price objective on Interface from $36.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Insider Buying and Selling at Interface

In other news, CFO Bruce Andrew Hausmann sold 50,000 shares of the business’s stock in a transaction that occurred 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. The trade was a 29.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.47% of the company’s stock.

Interface Stock Performance

Shares of TILE stock opened at $39.08 on Friday. Interface, Inc. has a 12 month low of $24.40 and a 12 month high of $40.50. The stock has a market cap of $2.27 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 1.11 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. The company’s fifty day moving average price is $34.59 and its 200-day moving average price is $30.91.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Friday, August 7th. The textile maker reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.24. Interface had a net margin of 10.10% and a return on equity of 21.77%. The company had revenue of $395.70 million during the quarter, compared to analyst estimates of $391.22 million. During the same period last year, the business earned $0.60 EPS. Interface’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts expect that Interface, Inc. will post 2.36 EPS for the current fiscal year.

Interface Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Interface’s dividend payout ratio (DPR) is currently 4.86%.

About Interface

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.