Algert Global LLC Invests $428,000 in Interface, Inc. (NASDAQ:TILE)

Algert Global LLC acquired a new stake in shares of Interface, Inc. (NASDAQ:TILE) during the second quarter, Holdings Channel reports. The fund acquired 21,759 shares of the textile maker’s stock, valued at approximately $428,000.

Other hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in shares of Interface during the first quarter valued at about $106,000. Victory Capital Management Inc. boosted its stake in shares of Interface by 38.3% in the first quarter. Victory Capital Management Inc. now owns 6,671 shares of the textile maker’s stock valued at $127,000 after buying an additional 1,849 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Interface by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 7,090 shares of the textile maker’s stock valued at $135,000 after buying an additional 80 shares in the last quarter. First Mercantile Trust Co. boosted its stake in shares of Interface by 6.9% in the first quarter. First Mercantile Trust Co. now owns 8,157 shares of the textile maker’s stock valued at $155,000 after buying an additional 526 shares in the last quarter. Finally, Trust Co. of Vermont boosted its stake in shares of Interface by 52.6% in the first quarter. Trust Co. of Vermont now owns 8,430 shares of the textile maker’s stock valued at $161,000 after buying an additional 2,905 shares in the last quarter. 92.23% of the stock is owned by institutional investors.

Shares of Interface, Inc. (TILE) opened at 18.75 on Friday. The stock has a market capitalization of $1.18 billion, a PE ratio of 24.13 and a beta of 1.20. Interface, Inc. has a 52 week low of $14.59 and a 52 week high of $21.05. The stock’s 50 day moving average is $19.15 and its 200 day moving average is $19.11.

Interface (NASDAQ:TILE) last released its earnings results on Wednesday, July 26th. The textile maker reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Interface had a net margin of 5.21% and a return on equity of 19.66%. The company had revenue of $251.70 million during the quarter, compared to the consensus estimate of $254.94 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue was up 1.4% compared to the same quarter last year. Analysts anticipate that Interface, Inc. will post $1.14 EPS for the current fiscal year.

Interface announced that its board has initiated a share repurchase program on Wednesday, April 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the textile maker to buy up to 7.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be given a $0.065 dividend. This is an increase from Interface’s previous quarterly dividend of $0.06. The ex-dividend date is Wednesday, August 9th. This represents a $0.26 dividend on an annualized basis and a yield of 1.39%. Interface’s dividend payout ratio is presently 33.33%.

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Several analysts have recently issued reports on the stock. BidaskClub cut shares of Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stifel Nicolaus reissued a “hold” rating and set a $19.00 price objective on shares of Interface in a research note on Friday, July 28th. ValuEngine cut shares of Interface from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research cut shares of Interface from a “hold” rating to a “sell” rating in a research note on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $19.00.

In other Interface news, Director Daniel T. Hendrix sold 6,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $18.95, for a total value of $113,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert Coombs sold 12,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $20.40, for a total transaction of $244,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,000 shares of company stock valued at $681,940. Insiders own 1.90% of the company’s stock.

About Interface

Interface Inc is engaged in design, production and sale of modular carpet, also known as carpet tile. As of January 1, 2017, the Company marketed its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company operates through three segments: Americas, Europe and Asia-Pacific.

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Institutional Ownership by Quarter for Interface (NASDAQ:TILE)

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