The Manufacturers Life Insurance Company Acquires New Position in 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 the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,906 shares of the textile maker’s stock, valued at approximately $857,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TILE. Front Street Capital Management Inc. acquired a new position in Interface in the 2nd quarter valued at $1,584,000. Sanctuary Advisors LLC purchased a new stake in shares of Interface in the second quarter valued at $1,799,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Interface in the second quarter valued at $66,077,000. Globeflex Capital L P acquired a new position in Interface in the second quarter valued at $6,979,000. Finally, Quantbot Technologies LP acquired a new position in Interface in the second quarter valued at $83,000. 98.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Interface

In related news, Director Daniel Hendrix sold 8,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 88,147 shares of the company’s stock, valued at $3,272,898.11. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Laurel Hurd sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $39.09, for a total value of $273,630.00. Following the sale, the chief executive officer owned 506,978 shares in the company, valued at $19,817,770.02. The trade was a 1.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,170 shares of company stock valued at $577,322 over the last quarter. Insiders own 2.47% of the company’s stock.

Wall Street Analyst Weigh In

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

Interface Price Performance

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 50 day moving average of $35.71 and a two-hundred day moving average of $31.26. The company has a market cap of $2.16 billion, a P/E ratio of 15.08, a P/E/G ratio of 1.05 and a beta of 1.92. The company has a quick ratio of 1.35, a current ratio of 2.53 and a debt-to-equity ratio of 0.29.

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

Interface Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given 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 dividend yield of 0.3%. Interface’s dividend payout ratio (DPR) is presently 4.86%.

Interface Profile

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.