The Manufacturers Life Insurance Company Buys Shares of 23,906 Interface, Inc. $TILE

The Manufacturers Life Insurance Company bought a new position in shares of Interface, Inc. (NASDAQ:TILE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,906 shares of the textile maker’s stock, valued at approximately $857,000.

Other large investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC grew its position in shares of Interface by 180.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 981 shares of the textile maker’s stock valued at $27,000 after buying an additional 631 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Interface by 114.6% in the third quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock worth $34,000 after acquiring an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Interface in the second quarter worth about $35,000. Allworth Financial LP acquired a new position in Interface in the second quarter valued at approximately $36,000. Finally, Wexford Capital LP acquired a new position in Interface in the third quarter valued at approximately $43,000. 98.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Interface news, CEO Laurel Hurd sold 7,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel Hendrix sold 8,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $37.13, for a total value of $297,040.00. Following the completion of the transaction, the director directly owned 88,147 shares of the company’s stock, valued at approximately $3,272,898.11. The trade was a 8.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,170 shares of company stock valued at $577,322 in the last quarter. 2.47% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Zacks Research upgraded Interface from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 26th. Wall Street Zen lowered Interface from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Benchmark started coverage on Interface in a research report on Tuesday, May 19th. They set a “buy” rating and a $36.00 price objective for the company. Barrington Research upped their price objective on Interface from $36.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Finally, Weiss Ratings raised Interface from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $40.50.

Interface Price Performance

NASDAQ TILE opened at $37.24 on Friday. Interface, Inc. has a 52 week low of $24.40 and a 52 week high of $40.50. 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 stock has a market cap of $2.16 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.05 and a beta of 1.92. The company has a 50-day moving average price of $35.71 and a two-hundred day moving average price of $31.26.

Interface (NASDAQ:TILE) last released its quarterly earnings results on Friday, August 7th. The textile maker reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.24. The company had revenue of $395.70 million for the quarter, compared to analysts’ expectations of $391.22 million. Interface had a return on equity of 21.77% and a net margin of 10.10%.The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. Analysts forecast that Interface, Inc. will post 2.36 EPS for the current year.

Interface Dividend Announcement

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 annualized dividend and a yield of 0.3%. Interface’s payout ratio is presently 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.