SummerHaven Investment Management LLC Invests $1.10 Million in Interface, Inc. $TILE

SummerHaven Investment Management LLC bought a new stake in Interface, Inc. (NASDAQ:TILE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 38,076 shares of the textile maker’s stock, valued at approximately $1,102,000. Interface accounts for about 0.6% of SummerHaven Investment Management LLC’s portfolio, making the stock its 18th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in Interface by 62.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 23,821 shares of the textile maker’s stock valued at $499,000 after buying an additional 9,172 shares in the last quarter. CSM Advisors LLC acquired a new stake in shares of Interface in the 2nd quarter valued at $2,623,000. HB Wealth Management LLC bought a new stake in shares of Interface in the 3rd quarter worth about $1,161,000. American Century Companies Inc. increased its position in shares of Interface by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 2,286,286 shares of the textile maker’s stock worth $47,852,000 after purchasing an additional 71,961 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its holdings in Interface by 2.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 353,183 shares of the textile maker’s stock valued at $7,392,000 after purchasing an additional 10,081 shares during the last quarter. Institutional investors own 98.34% of the company’s stock.

Interface Price Performance

Shares of TILE stock opened at $31.21 on Wednesday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.05 and a beta of 1.90. Interface, Inc. has a 12 month low of $17.24 and a 12 month high of $32.15. The company has a quick ratio of 1.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.49. The stock has a 50-day moving average price of $28.72 and a 200 day moving average price of $27.05.

Interface (NASDAQ:TILE) last issued its earnings results on Friday, October 31st. The textile maker reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.15. The company had revenue of $364.53 million for the quarter, compared to analyst estimates of $358.19 million. Interface had a net margin of 8.27% and a return on equity of 19.30%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. Research analysts expect that Interface, Inc. will post 1.37 EPS for the current year.

Interface Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were given a dividend of $0.02 per share. The ex-dividend date was Friday, November 28th. This represents a $0.08 annualized dividend and a dividend yield of 0.3%. Interface’s payout ratio is presently 4.17%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Zacks Research downgraded Interface from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Weiss Ratings lowered Interface from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, December 24th. Wall Street Zen cut Interface from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 16th. Finally, Barrington Research upped their price target on shares of Interface from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $36.00.

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.