Interface (NASDAQ:TILE) Shares Gap Up on Earnings Beat

Interface, Inc. (NASDAQ:TILE) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $18.85, but opened at $20.03. Interface shares last traded at $19.04, with a volume of 59,099 shares.

The textile maker reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.04. Interface had a net margin of 6.49% and a return on equity of 19.91%. The business had revenue of $297.41 million during the quarter, compared to the consensus estimate of $297.11 million. During the same quarter last year, the firm posted $0.24 EPS. Interface’s revenue was up 2.7% compared to the same quarter last year.

Interface Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.21%. The ex-dividend date of this dividend was Friday, March 28th. Interface’s dividend payout ratio (DPR) is presently 2.72%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TILE. StockNews.com upgraded Interface from a “hold” rating to a “buy” rating in a research note on Monday, April 28th. Barrington Research restated an “outperform” rating and issued a $30.00 price objective on shares of Interface in a research report on Friday.

Insider Transactions at Interface

In other news, Director Daniel T. Hendrix sold 12,500 shares of the business’s 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 completion of the sale, the director now directly owns 103,647 shares in the company, valued at approximately $2,464,725.66. The trade was a 10.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Interface

Large investors have recently added to or reduced their stakes in the business. Amundi grew its stake in shares of Interface by 202.0% during the fourth quarter. Amundi now owns 34,408 shares of the textile maker’s stock valued at $804,000 after buying an additional 23,013 shares during the last quarter. Raymond James Financial Inc. bought a new position in Interface during the 4th quarter worth approximately $2,498,000. Jennison Associates LLC increased its stake in Interface by 103.2% in the 4th quarter. Jennison Associates LLC now owns 65,494 shares of the textile maker’s stock worth $1,595,000 after purchasing an additional 33,264 shares during the period. Proficio Capital Partners LLC bought a new stake in Interface in the fourth quarter valued at approximately $479,000. Finally, Vanguard Group Inc. boosted its stake in shares of Interface by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 6,116,464 shares of the textile maker’s stock valued at $148,936,000 after purchasing an additional 246,726 shares during the period. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Interface Trading Up 2.0 %

The firm’s 50 day moving average is $19.07 and its 200 day moving average is $22.13. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.57 and a quick ratio of 1.38. The company has a market capitalization of $1.12 billion, a PE ratio of 13.45, a P/E/G ratio of 0.96 and a beta of 1.93.

About Interface

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.