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

Interface, Inc. (NASDAQ:TILE) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $20.62, but opened at $23.97. Interface shares last traded at $24.42, with a volume of 159,703 shares changing hands.

The textile maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.13. The firm had revenue of $375.52 million during the quarter, compared to analysts’ expectations of $360.57 million. Interface had a net margin of 6.48% and a return on equity of 17.73%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.40 EPS.

Interface Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, May 30th. Interface’s dividend payout ratio (DPR) is 2.76%.

Analysts Set New Price Targets

TILE has been the subject of several research reports. Wall Street Zen raised Interface from a “hold” rating to a “buy” rating in a research note on Saturday, May 10th. Barrington Research lifted their price objective on Interface from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday.

Insider Activity at Interface

In other Interface news, VP James Poppens sold 19,474 shares of Interface stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $20.14, for a total transaction of $392,206.36. Following the completion of the sale, the vice president owned 130,142 shares of the company’s stock, valued at approximately $2,621,059.88. The trade was a 13.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Interface

A number of institutional investors have recently bought and sold shares of TILE. Jennison Associates LLC grew its stake in shares of Interface by 0.8% during the second quarter. Jennison Associates LLC now owns 88,693 shares of the textile maker’s stock worth $1,856,000 after purchasing an additional 707 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Interface during the 2nd quarter worth about $276,000. AlphaQuest LLC grew its position in shares of Interface by 184.4% during the 2nd quarter. AlphaQuest LLC now owns 11,767 shares of the textile maker’s stock worth $246,000 after buying an additional 7,629 shares during the period. Ethic Inc. grew its position in shares of Interface by 6.2% during the 2nd quarter. Ethic Inc. now owns 11,797 shares of the textile maker’s stock worth $249,000 after buying an additional 686 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Interface during the 2nd quarter worth about $87,000. Institutional investors and hedge funds own 98.34% of the company’s stock.

Interface Price Performance

The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 0.87 and a beta of 2.01. The company has a 50-day moving average price of $20.88 and a 200-day moving average price of $20.72. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.42 and a current ratio of 2.76.

Interface Company Profile

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.