Wedge Capital Management L L P NC Takes Position in Interface Inc. (TILE)
Wedge Capital Management L L P NC acquired a new stake in Interface Inc. (NASDAQ:TILE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 726,099 shares of the company’s stock, valued at approximately $11,073,000.
Several other large investors also recently modified their holdings of TILE. Cambiar Investors LLC acquired a new position in shares of Interface during the second quarter valued at approximately $25,405,000. Deprince Race & Zollo Inc. boosted its position in shares of Interface by 57.6% in the second quarter. Deprince Race & Zollo Inc. now owns 1,798,789 shares of the company’s stock valued at $27,432,000 after buying an additional 657,499 shares during the last quarter. Kennedy Capital Management Inc. acquired a new position in shares of Interface during the first quarter valued at approximately $11,898,000. Neumeier Poma Investment Counsel LLC acquired a new position in shares of Interface during the first quarter valued at approximately $6,711,000. Finally, Panagora Asset Management Inc. boosted its position in shares of Interface by 860.6% in the first quarter. Panagora Asset Management Inc. now owns 293,780 shares of the company’s stock valued at $5,447,000 after buying an additional 263,196 shares during the last quarter. 94.00% of the stock is owned by institutional investors.
Shares of Interface Inc. (NASDAQ:TILE) traded down 0.30% during mid-day trading on Friday, reaching $16.50. 480,695 shares of the company’s stock were exchanged. Interface Inc. has a 52-week low of $13.70 and a 52-week high of $24.44. The company’s 50-day moving average price is $16.93 and its 200 day moving average price is $16.90. The company has a market cap of $1.07 billion, a PE ratio of 15.07 and a beta of 1.21.
Interface (NASDAQ:TILE) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.03. The business earned $248.20 million during the quarter, compared to analyst estimates of $256.99 million. Interface had a net margin of 7.40% and a return on equity of 20.70%. Interface’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 EPS. On average, equities research analysts predict that Interface Inc. will post $1.15 EPS for the current year.
Several brokerages recently commented on TILE. Zacks Investment Research upgraded shares of Interface from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 5th. TheStreet upgraded shares of Interface from a “hold” rating to a “buy” rating in a report on Monday, June 20th. Finally, Raymond James Financial Inc. cut shares of Interface from a “market perform” rating to an “underperform” rating in a report on Friday, June 24th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.25.
In other news, CEO Daniel T. Hendrix sold 3,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $17.83, for a total value of $53,490.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick C. Lynch sold 4,500 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $18.00, for a total transaction of $81,000.00. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.
Interface Inc is engaged in design, production and sales of modular carpet, also known as carpet tile across the world. The Company markets its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company distributes its product through approximately two primary channels, including direct sales to end users and indirect sales through independent contractors or distributors.
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