Interface (NASDAQ:TILE) Hits New 52-Week High After Better-Than-Expected Earnings

Interface, Inc. (NASDAQ:TILE - Get Free Report)'s share price hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $22.69 and last traded at $22.25, with a volume of 248789 shares traded. The stock had previously closed at $17.47.

The textile maker reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.14. The firm had revenue of $344.30 million during the quarter, compared to the consensus estimate of $336.39 million. Interface had a net margin of 5.20% and a return on equity of 18.42%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.28 EPS.

Interface Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, August 30th. Interface's payout ratio is 3.57%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barrington Research raised their price objective on Interface from $22.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday. StockNews.com raised Interface from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, August 6th.

Insider Transactions at Interface

In related news, Director Daniel T. Hendrix sold 3,403 shares of the business's stock in a transaction on Monday, August 5th. The stock was sold at an average price of $15.99, for a total value of $54,413.97. Following the sale, the director now owns 200,147 shares of the company's stock, valued at $3,200,350.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Daniel T. Hendrix sold 3,555 shares of the firm's stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $17.53, for a total value of $62,319.15. Following the completion of the transaction, the director now owns 191,147 shares of the company's stock, valued at approximately $3,350,806.91. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel T. Hendrix sold 3,403 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $15.99, for a total value of $54,413.97. Following the completion of the sale, the director now directly owns 200,147 shares of the company's stock, valued at approximately $3,200,350.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,458 shares of company stock worth $1,339,433 over the last three months. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Interface

Hedge funds have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Interface in the 2nd quarter worth about $32,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Interface in the 1st quarter worth $57,000. nVerses Capital LLC bought a new position in shares of Interface in the third quarter valued at approximately $70,000. Farther Finance Advisors LLC increased its position in shares of Interface by 1,348.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,241 shares of the textile maker's stock valued at $118,000 after purchasing an additional 5,810 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in Interface in the second quarter valued at about $91,000. 98.34% of the stock is owned by institutional investors and hedge funds.

Interface Price Performance

The firm has a 50 day moving average price of $18.55 and a two-hundred day moving average price of $16.75. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.45 and a current ratio of 2.76. The company has a market cap of $1.35 billion, a P/E ratio of 20.63, a P/E/G ratio of 0.93 and a beta of 1.97.

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.