ClariVest Asset Management LLC Takes Position in Interface, Inc. (NASDAQ:TILE)

ClariVest Asset Management LLC acquired a new position in Interface, Inc. (NASDAQ:TILE) in the second quarter, Holdings Channel reports. The fund acquired 101,387 shares of the textile maker’s stock, valued at approximately $1,488,000.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Interface by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,298,736 shares of the textile maker’s stock worth $89,125,000 after acquiring an additional 43,184 shares in the last quarter. Wellington Management Group LLP grew its stake in Interface by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 2,508,961 shares of the textile maker’s stock valued at $31,663,000 after purchasing an additional 12,847 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Interface by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,275,194 shares of the textile maker’s stock worth $28,714,000 after purchasing an additional 165,536 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Interface by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,118,347 shares of the textile maker’s stock valued at $14,114,000 after buying an additional 36,088 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in shares of Interface in the 2nd quarter valued at about $7,430,000. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Insider Transactions at Interface

In related news, CFO Bruce Andrew Hausmann sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $17.00, for a total value of $935,000.00. Following the sale, the chief financial officer now owns 198,475 shares in the company, valued at $3,374,075. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Bruce Andrew Hausmann sold 55,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $17.00, for a total transaction of $935,000.00. Following the completion of the transaction, the chief financial officer now directly owns 198,475 shares in the company, valued at $3,374,075. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel T. Hendrix sold 10,347 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $14.43, for a total value of $149,307.21. Following the sale, the director now directly owns 248,300 shares in the company, valued at $3,582,969. The disclosure for this sale can be found here. Insiders sold a total of 125,858 shares of company stock worth $2,091,604 over the last three months. 2.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TILE has been the subject of a number of analyst reports. Barrington Research reissued an “outperform” rating and set a $22.00 target price on shares of Interface in a research report on Friday, August 2nd. StockNews.com upgraded Interface from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 6th.

Interface Stock Performance

Shares of Interface stock opened at $18.03 on Thursday. The company has a 50 day moving average price of $17.01 and a 200 day moving average price of $16.09. The firm has a market capitalization of $1.05 billion, a P/E ratio of 17.85, a PEG ratio of 0.93 and a beta of 1.98. The company has a quick ratio of 1.45, a current ratio of 2.76 and a debt-to-equity ratio of 0.84. Interface, Inc. has a 52 week low of $8.26 and a 52 week high of $19.15.

Interface (NASDAQ:TILE) last posted its quarterly earnings results on Friday, August 2nd. The textile maker reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. Interface had a net margin of 5.20% and a return on equity of 18.42%. The business had revenue of $346.60 million during the quarter, compared to analysts’ expectations of $340.21 million. During the same quarter last year, the company posted $0.25 earnings per share. The business’s quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts expect that Interface, Inc. will post 1.28 EPS for the current year.

Interface Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend is Friday, August 30th. Interface’s dividend payout ratio is presently 3.96%.

Interface Profile

Interface, Inc designs, produces, and sells modular carpet products primarily worldwide. The company operates in two segments, Americas (AMS), and Europe, Africa, Asia and Australia (EAAA). The company offers modular carpets under the Interface and FLOR brand names; luxury vinyl tiles; carpet tiles under the CQuestGB name for use in commercial interiors, include offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, as well as residential interiors; and modular resilient flooring products.