Clark Capital Management Group Inc. Boosts Stake in Interface, Inc. $TILE

Clark Capital Management Group Inc. grew its holdings in shares of Interface, Inc. (NASDAQ:TILE) by 67.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 623,295 shares of the textile maker’s stock after acquiring an additional 252,157 shares during the period. Clark Capital Management Group Inc. owned about 1.07% of Interface worth $18,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. TD Private Client Wealth LLC acquired a new position in shares of Interface in the third quarter worth about $32,000. Blue Trust Inc. acquired a new stake in Interface during the 3rd quarter valued at approximately $34,000. EverSource Wealth Advisors LLC purchased a new stake in Interface during the 2nd quarter worth approximately $35,000. Richardson Financial Services Inc. raised its position in shares of Interface by 166.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,569 shares of the textile maker’s stock valued at $45,000 after purchasing an additional 980 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Interface by 63.3% in the 3rd quarter. Global Retirement Partners LLC now owns 1,759 shares of the textile maker’s stock valued at $51,000 after purchasing an additional 682 shares in the last quarter. 98.34% of the stock is owned by hedge funds and other institutional investors.

Interface Stock Performance

Shares of TILE opened at $27.64 on Monday. The stock has a market capitalization of $1.60 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.90 and a beta of 1.87. The business’s fifty day moving average price is $31.11 and its 200 day moving average price is $28.81. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.34 and a quick ratio of 1.18. Interface, Inc. has a 12-month low of $17.24 and a 12-month high of $35.11.

Interface (NASDAQ:TILE) last released its earnings results on Tuesday, February 24th. The textile maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.09. Interface had a net margin of 8.37% and a return on equity of 19.54%. The firm had revenue of $349.39 million during the quarter, compared to analyst estimates of $350.54 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts forecast that Interface, Inc. will post 1.37 EPS for the current year.

Interface Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 27th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, March 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from Interface’s previous quarterly dividend of $0.02. Interface’s payout ratio is currently 4.08%.

Analyst Ratings Changes

Several equities analysts have recently commented on TILE shares. Barrington Research increased their target price on Interface from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Wall Street Zen upgraded shares of Interface from a “buy” rating to a “strong-buy” rating in a research note on Monday, March 9th. Zacks Research downgraded shares of Interface from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Finally, Weiss Ratings lowered shares of Interface from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, March 6th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $36.00.

Insiders Place Their Bets

In other Interface news, VP James Poppens sold 8,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $28.05, for a total value of $224,400.00. Following the transaction, the vice president owned 103,846 shares of the company’s stock, valued at $2,912,880.30. This trade represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 25,650 shares of company stock worth $736,292 in the last quarter. 2.60% of the stock is owned by corporate insiders.

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.