Fifth Third Bancorp Increases Stake in Interface, Inc. $TILE

Fifth Third Bancorp grew its holdings in shares of Interface, Inc. (NASDAQ:TILE) by 27,312.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,972 shares of the textile maker’s stock after acquiring an additional 47,797 shares during the period. Fifth Third Bancorp owned about 0.08% of Interface worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CIBC Private Wealth Group LLC grew 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 purchasing an additional 631 shares during the period. Larson Financial Group LLC lifted its position in shares of Interface by 114.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock valued at $34,000 after buying an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Interface during the 2nd quarter valued at approximately $35,000. Wexford Capital LP purchased a new stake in Interface in the 3rd quarter worth approximately $43,000. Finally, Blue Trust Inc. raised its stake in Interface by 88.3% during the 4th quarter. Blue Trust Inc. now owns 2,199 shares of the textile maker’s stock worth $61,000 after acquiring an additional 1,031 shares during the period. 98.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barrington Research reiterated an “outperform” rating and issued a $36.00 price target on shares of Interface in a research report on Friday, April 17th. Zacks Research upgraded Interface from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 29th. Benchmark initiated coverage on Interface in a research report on Tuesday, May 19th. They issued a “buy” rating and a $36.00 price objective on the stock. Wall Street Zen upgraded Interface from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Interface in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $36.00.

Insider Buying and Selling at Interface

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

Interface Stock Up 1.0%

Shares of TILE opened at $32.98 on Friday. The firm has a fifty day moving average price of $31.92 and a 200-day moving average price of $30.12. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.91 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.03 and a beta of 1.88. Interface, Inc. has a 12-month low of $20.37 and a 12-month high of $36.66.

Interface (NASDAQ:TILE) last announced its quarterly earnings data 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. The company had revenue of $331.04 million during the quarter, compared to analyst estimates of $320.38 million. Interface had a net margin of 8.92% and a return on equity of 20.09%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. Equities research analysts expect that Interface, Inc. will post 2.11 earnings per share for the current year.

Interface Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Interface’s dividend payout ratio is presently 5.61%.

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.