Interface, Inc. (TILE) Sees Significant Decrease in Short Interest
Interface, Inc. (NASDAQ:TILE) saw a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 923,462 shares, a drop of 32.5% from the August 31st total of 1,367,533 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 401,371 shares, the days-to-cover ratio is presently 2.3 days.
Interface (TILE) traded down 1.13% during trading on Friday, hitting $21.95. 267,107 shares of the stock traded hands. Interface has a 12 month low of $14.59 and a 12 month high of $22.60. The company’s 50 day moving average price is $20.74 and its 200 day moving average price is $19.71. The company has a market cap of $1.35 billion, a P/E ratio of 28.25 and a beta of 1.24.
Interface (NASDAQ:TILE) last issued its quarterly earnings results on Wednesday, July 26th. The textile maker reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. Interface had a return on equity of 19.66% and a net margin of 5.21%. The company had revenue of $251.70 million for the quarter, compared to analysts’ expectations of $254.94 million. During the same period last year, the firm earned $0.32 EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Interface will post $1.14 EPS for the current fiscal year.
In other news, Director Daniel T. Hendrix sold 6,000 shares of Interface stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $18.95, for a total transaction of $113,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher G. Kennedy sold 29,500 shares of Interface stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $21.92, for a total transaction of $646,640.00. The disclosure for this sale can be found here. Insiders have sold 71,450 shares of company stock worth $1,496,237 in the last ninety days. Insiders own 1.90% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of TILE. BlackRock Inc. grew its holdings in shares of Interface by 144,783.3% in the 1st quarter. BlackRock Inc. now owns 7,815,006 shares of the textile maker’s stock worth $148,876,000 after acquiring an additional 7,809,612 shares during the last quarter. Thrivent Financial For Lutherans grew its holdings in shares of Interface by 2,392.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 914,291 shares of the textile maker’s stock worth $17,965,000 after acquiring an additional 877,611 shares during the last quarter. JHL Capital Group LLC acquired a new position in shares of Interface in the 1st quarter worth $7,620,000. FMR LLC grew its holdings in shares of Interface by 14.8% in the 2nd quarter. FMR LLC now owns 2,452,630 shares of the textile maker’s stock worth $48,194,000 after acquiring an additional 315,606 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Interface by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 5,788,939 shares of the textile maker’s stock worth $110,280,000 after acquiring an additional 271,658 shares during the last quarter. Institutional investors and hedge funds own 93.21% of the company’s stock.
A number of brokerages have recently issued reports on TILE. BidaskClub lowered shares of Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. ValuEngine lowered shares of Interface from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $19.00 target price on shares of Interface in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $19.00.
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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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