The New York State Common Retirement Fund raised its position in Interface, Inc. (NASDAQ: TILE – Get Rating) by 106.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The company held 85,852 shares of the textile maker after buying an additional 44,182 shares during the period. The New York State Common Retirement Fund held 0.14% of Interface worth $1,165,000 at the end of the last quarter.
Other hedge funds and other institutional investors have also been buying and selling shares of the company recently. SummerHaven Investment Management LLC increased its stake in Interface shares by 4.6% in Q1. SummerHaven Investment Management LLC now owns 58,789 shares of the textile maker worth $798,000 after purchasing an additional 2,570 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Interface in the first quarter worth approximately $157,000. Isthmus Partners LLC increased its stake in Interface by 3.6% in the 1st quarter. Isthmus Partners LLC now owns 151,592 shares of the textile maker worth $2,057,000 after acquiring an additional 5,211 shares last quarter. Victory Capital Management Inc. increased its position in Interface by 16.6% during the 1st quarter. Victory Capital Management Inc. now owns 169,281 shares of the textile maker valued at $2,250,000 after purchasing an additional 24,157 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new position in Interface during Q1 worth approximately $2,327,000. Institutional investors hold 96.30% of the company’s shares.
Interface Trading down 2.2%
NASDAQ TILE shares opened at $13.04 on Thursday. Interface, Inc. has a 1-year low of $11.87 and a 1-year high of $18.03. The company has a fifty-day moving average price of $13.27 and a 200-day moving average price of $13.37. The stock has a market capitalization of $775.45 million, a P/E ratio of 12.30 and a beta of 1.76. The company has a debt ratio of 1.53, a current ratio of 2.51 and a quick ratio of 1.24.
Interface (NASDAQ:TILE – Get Rating) last released its quarterly results on Friday, August 5. The textile maker reported earnings per share of $0.36 for the quarter, beating consensus analyst estimates of $0.32 by $0.04. Interface had a net margin of 4.89% and a return on equity of 23.39%. The company posted revenue of $346.60 million for the quarter, compared to $357.70 million expected by analysts. During the same period last year, the company achieved EPS of $0.30. The company’s revenue increased by 17.6% compared to the same quarter last year. Equity research analysts expect Interface, Inc. to post EPS of 1.21 for the current fiscal year.
The interface increases the dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 16. Shareholders of record on Friday, September 2 will receive a dividend of $0.10 per share. This represents an annualized dividend of $0.40 and a dividend yield of 3.07%. This is a positive change from Interface’s previous quarterly dividend of $0.01. Interface’s dividend payout ratio is currently 3.77%.
Analysts set new price targets
Separately, TheStreet upgraded Interface’s shares from a “c+” rating to a “b-” rating in a Friday, August 5 research note.
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Interface, Inc, a modular flooring company, designs, produces and sells modular carpet products primarily in America, Europe and Asia-Pacific. The company offers modular carpets under the Interface and FLOR brands; carpet tiles under the name GlasBacRE for use in commercial interiors, including offices, healthcare facilities, airports, educational and other facilities, hospitality and retail spaces, as well as residential interiors; modular resilient flooring products; rubber flooring under the norament and noraplan brands; and luxury vinyl tile products.
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