Front Street Capital Management Inc. Acquires Shares of 44,200 Interface, Inc. $TILE

Front Street Capital Management Inc. bought a new position in Interface, Inc. (NASDAQ:TILE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 44,200 shares of the textile maker’s stock, valued at approximately $1,584,000. Front Street Capital Management Inc. owned approximately 0.08% of Interface at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. CIBC Private Wealth Group LLC raised its position in shares of Interface by 180.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 981 shares of the textile maker’s stock worth $27,000 after purchasing an additional 631 shares during the last quarter. Larson Financial Group LLC grew its position in Interface by 114.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock valued at $34,000 after purchasing an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Interface during the 2nd quarter valued at about $35,000. Allworth Financial LP bought a new stake in Interface during the 2nd quarter valued at about $36,000. Finally, Wexford Capital LP purchased a new position in Interface in the third quarter worth about $43,000. 98.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Laurel Hurd sold 7,000 shares of the company’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 completion of the sale, the chief executive officer owned 506,978 shares of the company’s stock, valued at $19,817,770.02. This represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Bruce Andrew Hausmann sold 50,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $29.66, for a total transaction of $1,483,000.00. Following the completion of the transaction, the chief financial officer owned 119,256 shares in the company, valued at $3,537,132.96. This trade represents a 29.54% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.47% of the stock is owned by corporate insiders.

Interface Stock Down 1.7%

TILE opened at $38.27 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 2.53 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $34.87 and a 200-day moving average price of $31.00. Interface, Inc. has a twelve month low of $24.40 and a twelve month high of $40.50. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 1.10 and a beta of 1.90.

Interface (NASDAQ:TILE) last issued its earnings results 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. Interface had a net margin of 10.10% and a return on equity of 21.77%. The company had revenue of $395.70 million for the quarter, compared to analysts’ expectations of $391.22 million. During the same quarter last year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. Equities research analysts forecast that Interface, Inc. will post 2.36 earnings per share for the current year.

Interface Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Friday, September 4th. Interface’s payout ratio is currently 4.86%.

Analysts Set New Price Targets

TILE has been the topic of a number of recent analyst reports. Barrington Research increased their price target on shares of Interface from $36.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Benchmark assumed coverage on shares of Interface in a report on Tuesday, May 19th. They issued a “buy” rating and a $36.00 price objective for the company. Zacks Research downgraded Interface from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 28th. Wall Street Zen lowered Interface from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded Interface from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.