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

Interface, Inc. (NASDAQ:TILE)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.86, but opened at $17.70. Interface shares last traded at $17.28, with a volume of 169,237 shares.

The textile maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.12. Interface had a return on equity of 14.95% and a net margin of 3.53%. The business had revenue of $289.70 million for the quarter, compared to analysts’ expectations of $284.76 million. During the same quarter in the previous year, the business posted $0.07 EPS. Interface’s revenue for the quarter was down 2.1% on a year-over-year basis.

Interface Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.23%. The ex-dividend date of this dividend was Wednesday, March 27th. Interface’s dividend payout ratio is 5.26%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial upped their target price on shares of Interface from $10.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, February 28th. TheStreet raised Interface from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Finally, Barrington Research boosted their target price on Interface from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday.

Institutional Investors Weigh In On Interface

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Interface by 0.9% during the third quarter. Vanguard Group Inc. now owns 5,210,853 shares of the textile maker’s stock worth $51,118,000 after buying an additional 48,805 shares during the last quarter. Pzena Investment Management LLC increased its position in Interface by 65.2% during the 3rd quarter. Pzena Investment Management LLC now owns 3,614,372 shares of the textile maker’s stock worth $35,457,000 after buying an additional 1,426,749 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Interface by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 2,508,961 shares of the textile maker’s stock worth $31,663,000 after buying an additional 12,847 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Interface by 112.4% in the fourth quarter. Pacer Advisors Inc. now owns 2,432,561 shares of the textile maker’s stock valued at $30,699,000 after acquiring an additional 1,287,420 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Interface by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,275,194 shares of the textile maker’s stock valued at $28,714,000 after acquiring an additional 165,536 shares in the last quarter. 98.34% of the stock is owned by institutional investors.

Interface Trading Up 9.6 %

The company has a debt-to-equity ratio of 0.96, a current ratio of 2.72 and a quick ratio of 1.42. The business’s 50-day moving average is $15.85 and its 200 day moving average is $12.91. The firm has a market capitalization of $1.01 billion, a P/E ratio of 22.88, a price-to-earnings-growth ratio of 0.97 and a beta of 1.99.

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.