Interface, Inc. (NASDAQ:TILE) was the recipient of a large increase in short interest during the month of July. As of July 14th, there was short interest totalling 1,524,774 shares, an increase of 29.3% from the June 30th total of 1,178,987 shares. Approximately 2.5% of the company’s shares are sold short. Based on an average daily volume of 320,106 shares, the days-to-cover ratio is presently 4.8 days.
Several research firms have recently weighed in on TILE. BidaskClub lowered shares of Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stifel Nicolaus reiterated a “hold” rating and issued a $19.00 price objective on shares of Interface in a research note on Friday, July 28th. ValuEngine lowered shares of Interface from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Nomura began coverage on shares of Interface in a research note on Wednesday, April 12th. They issued a “buy” rating and a $22.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Interface from a “hold” rating to a “sell” rating in a research note on Thursday, April 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Interface presently has an average rating of “Hold” and an average price target of $19.00.
Shares of Interface (NASDAQ:TILE) traded up 1.60% during mid-day trading on Tuesday, reaching $19.10. 330,327 shares of the company’s stock were exchanged. The firm has a market capitalization of $1.20 billion, a P/E ratio of 24.58 and a beta of 1.20. Interface has a one year low of $14.59 and a one year high of $21.05. The stock has a 50-day moving average of $19.24 and a 200 day moving average of $19.09.
Interface (NASDAQ:TILE) last posted its quarterly earnings data on Wednesday, July 26th. The textile maker reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $251.70 million during the quarter, compared to the consensus estimate of $254.94 million. Interface had a return on equity of 19.66% and a net margin of 5.21%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, analysts forecast that Interface will post $1.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be issued a $0.065 dividend. This is an increase from Interface’s previous quarterly dividend of $0.06. The ex-dividend date is Wednesday, August 9th. This represents a $0.26 dividend on an annualized basis and a yield of 1.36%. Interface’s dividend payout ratio is 30.77%.
Interface declared that its board has initiated a share repurchase program on Wednesday, April 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the textile maker to reacquire up to 7.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Interface news, VP Robert Coombs sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $20.40, for a total transaction of $244,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel T. Hendrix sold 6,000 shares of Interface stock in a transaction on Monday, July 17th. The shares were sold at an average price of $18.95, for a total transaction of $113,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,000 shares of company stock valued at $681,940. Company insiders own 1.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TILE. Bank of Montreal Can increased its position in Interface by 38.9% in the first quarter. Bank of Montreal Can now owns 155,822 shares of the textile maker’s stock worth $2,968,000 after buying an additional 43,673 shares during the period. BlackRock Inc. increased its position in Interface by 144,783.3% in the first quarter. BlackRock Inc. now owns 7,815,006 shares of the textile maker’s stock worth $148,876,000 after buying an additional 7,809,612 shares during the period. Point72 Asset Management L.P. purchased a new position in Interface during the first quarter worth about $4,913,000. Arizona State Retirement System increased its position in Interface by 0.3% in the first quarter. Arizona State Retirement System now owns 33,453 shares of the textile maker’s stock worth $637,000 after buying an additional 100 shares during the period. Finally, Swiss National Bank increased its position in shares of Interface by 3.7% in the first quarter. Swiss National Bank now owns 106,700 shares of the textile maker’s stock valued at $2,033,000 after buying an additional 3,800 shares during the last quarter. Institutional investors and hedge funds own 92.23% of the company’s stock.
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Interface Inc is engaged in design, production and sale of modular carpet, also known as carpet tile. As of January 1, 2017, the Company marketed its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company operates through three segments: Americas, Europe and Asia-Pacific.
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