Summit Global Investments Sells 17,575 Shares of Interface, Inc. $TILE

Summit Global Investments decreased its position in shares of Interface, Inc. (NASDAQ:TILE) by 46.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,555 shares of the textile maker’s stock after selling 17,575 shares during the quarter. Summit Global Investments’ holdings in Interface were worth $707,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP purchased a new position in shares of Interface during the 2nd quarter valued at approximately $36,000. Public Employees Retirement System of Ohio purchased a new stake in Interface during the second quarter worth $39,000. Farther Finance Advisors LLC boosted its holdings in Interface by 39.1% during the third quarter. Farther Finance Advisors LLC now owns 1,271 shares of the textile maker’s stock worth $44,000 after buying an additional 357 shares in the last quarter. Nykredit A S purchased a new stake in Interface during the second quarter worth $47,000. Finally, EverSource Wealth Advisors LLC grew its position in Interface by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,472 shares of the textile maker’s stock valued at $62,000 after buying an additional 934 shares during the period. 98.34% of the stock is owned by hedge funds and other institutional investors.

Interface Stock Performance

TILE opened at $38.42 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 2.53 and a debt-to-equity ratio of 0.29. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.01 and a beta of 1.99. Interface, Inc. has a 52-week low of $24.40 and a 52-week high of $40.50. The firm’s fifty day simple moving average is $35.78 and its two-hundred day simple moving average is $32.18.

Interface (NASDAQ:TILE) last announced its earnings results on Friday, August 7th. 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 for the quarter, compared to analyst estimates of $391.22 million. Interface had a net margin of 10.10% and a return on equity of 21.77%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 earnings per share. Equities analysts anticipate that Interface, Inc. will post 2.36 earnings per share for the current fiscal year.

Interface Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Interface’s dividend payout ratio (DPR) is currently 4.86%.

Analyst Ratings Changes

A number of research firms have weighed in on TILE. Weiss Ratings cut shares of Interface from a “buy (b+)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. Wall Street Zen downgraded shares of Interface from a “buy” rating to a “hold” rating in a research report on Saturday. Barrington Research increased their target price on shares of Interface from $36.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Finally, Zacks Research cut Interface from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

Insider Activity at Interface

In other Interface news, CEO Laurel Hurd sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $39.09, for a total transaction of $273,630.00. Following the completion of the sale, the chief executive officer directly owned 506,978 shares in the company, valued at approximately $19,817,770.02. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David B. Foshee sold 28,451 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $35.99, for a total value of $1,023,951.49. Following the transaction, the vice president directly owned 146,563 shares of the company’s stock, valued at $5,274,802.37. The trade was a 16.26% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 65,621 shares of company stock valued at $2,378,904. 2.47% of the stock is owned by corporate insiders.

Interface Profile

Interface, Inc designs and manufactures modular flooring products for commercial, institutional and residential interiors. Its portfolio includes carpet tile, broadloom carpet and resilient flooring, including luxury vinyl tile. The company serves markets such as corporate offices, hospitality, education, healthcare and retail.

Founded in 1973 by Ray Anderson, Interface is headquartered in Atlanta, Georgia, and sells its products through a global network serving customers in North America, Europe and the Asia-Pacific region.