Wellington Management Group LLP Increases Holdings in Interface, Inc. $TILE

Wellington Management Group LLP grew its holdings in Interface, Inc. (NASDAQ:TILE) by 91.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 294,389 shares of the textile maker’s stock after acquiring an additional 140,745 shares during the quarter. Wellington Management Group LLP owned about 0.51% of Interface worth $10,551,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC boosted its holdings in Interface by 180.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 981 shares of the textile maker’s stock valued at $27,000 after purchasing an additional 631 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Interface by 114.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock worth $34,000 after buying an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Interface in the 2nd quarter valued at $35,000. Allworth Financial LP purchased a new position in shares of Interface in the 2nd quarter valued at $36,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Interface during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 98.34% of the company’s stock.

Interface Stock Performance

TILE opened at $37.24 on Tuesday. Interface, Inc. has a 1-year low of $24.40 and a 1-year high of $40.50. The stock 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 stock’s 50 day simple moving average is $35.74 and its 200 day simple moving average is $31.27. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.53 and a quick ratio of 1.35.

Interface (NASDAQ:TILE) last issued its quarterly earnings data on Friday, August 7th. The textile maker reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.24. The firm had revenue of $395.70 million during the quarter, compared to analysts’ expectations of $391.22 million. Interface had a return on equity of 21.77% and a net margin of 10.10%.Interface’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. As a group, equities analysts anticipate that Interface, Inc. will post 2.36 EPS for the current fiscal year.

Interface Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.03 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Interface’s payout ratio is currently 4.86%.

Insider Activity

In related news, Director Daniel Hendrix sold 8,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $37.13, for a total value of $297,040.00. Following the sale, the director directly owned 88,147 shares of the company’s stock, valued at approximately $3,272,898.11. This represents a 8.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Laurel Hurd sold 7,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $39.09, for a total transaction of $273,630.00. Following the transaction, the chief executive officer owned 506,978 shares of the company’s stock, valued at $19,817,770.02. This trade represents a 1.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,170 shares of company stock worth $577,322 over the last quarter. Insiders own 2.47% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.