Weiss Asset Management LP Buys New Shares in Interface, Inc. $TILE

Weiss Asset Management LP bought a new position in Interface, Inc. (NASDAQ:TILE) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 16,765 shares of the textile maker’s stock, valued at approximately $418,000.

A number of other institutional investors have also bought and sold shares of TILE. CIBC Private Wealth Group LLC raised its holdings in Interface by 180.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 981 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 631 shares during the period. Larson Financial Group LLC lifted its position in shares of Interface by 114.6% in the third quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock valued at $34,000 after acquiring an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Interface in the second quarter worth about $35,000. Wexford Capital LP bought a new position in shares of Interface in the third quarter worth about $43,000. Finally, Blue Trust Inc. grew its position in shares of Interface by 88.3% during the fourth quarter. Blue Trust Inc. now owns 2,199 shares of the textile maker’s stock worth $61,000 after purchasing an additional 1,031 shares in the last quarter. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Interface Stock Up 2.1%

Shares of TILE opened at $34.45 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.43 and a quick ratio of 1.16. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.07 and a beta of 1.88. Interface, Inc. has a 1 year low of $20.37 and a 1 year high of $36.66. The business’s 50 day simple moving average is $32.17 and its 200-day simple moving average is $30.20.

Interface (NASDAQ:TILE) last posted its earnings results on Friday, May 8th. The textile maker reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Interface had a net margin of 8.92% and a return on equity of 20.09%. The firm had revenue of $331.04 million during the quarter, compared to analyst estimates of $320.38 million. During the same period last year, the firm posted $0.25 earnings per share. Interface’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts expect that Interface, Inc. will post 2.11 earnings per share for the current fiscal year.

Interface Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were given a dividend of $0.03 per share. The ex-dividend date was Friday, June 5th. This represents a $0.12 annualized dividend and a yield of 0.3%. Interface’s dividend payout ratio (DPR) is 5.61%.

Insiders Place Their Bets

In other Interface news, CFO Bruce Andrew Hausmann sold 50,000 shares of Interface stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $29.66, for a total value of $1,483,000.00. Following the completion of the transaction, the chief financial officer directly owned 119,256 shares of the company’s stock, valued at $3,537,132.96. This trade represents a 29.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP David B. Foshee sold 44,393 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $29.00, for a total transaction of $1,287,397.00. Following the completion of the sale, the vice president owned 175,014 shares in the company, valued at approximately $5,075,406. This trade represents a 20.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.47% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TILE. Wall Street Zen raised Interface from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Zacks Research upgraded Interface from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 29th. Barrington Research reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Interface in a report on Friday, April 17th. Benchmark started coverage on shares of Interface in a report on Tuesday, May 19th. They set a “buy” rating and a $36.00 price objective for the company. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Interface in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $36.00.

Interface Profile

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.