Interface, Inc. (TILE) Shares Sold by AQR Capital Management LLC
AQR Capital Management LLC cut its position in shares of Interface, Inc. (NASDAQ:TILE) by 67.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,333 shares of the textile maker’s stock after selling 110,160 shares during the period. AQR Capital Management LLC owned 0.08% of Interface worth $1,035,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Interface by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 2,075,470 shares of the textile maker’s stock worth $39,537,000 after buying an additional 21,698 shares during the last quarter. First Trust Advisors LP raised its position in Interface by 32.4% in the first quarter. First Trust Advisors LP now owns 100,642 shares of the textile maker’s stock worth $1,917,000 after buying an additional 24,633 shares during the last quarter. Wedge Capital Management L L P NC raised its position in Interface by 8.2% in the first quarter. Wedge Capital Management L L P NC now owns 820,848 shares of the textile maker’s stock worth $15,637,000 after buying an additional 62,110 shares during the last quarter. Great West Life Assurance Co. Can raised its position in Interface by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 88,707 shares of the textile maker’s stock worth $1,686,000 after buying an additional 5,298 shares during the last quarter. Finally, Strs Ohio purchased a new position in Interface during the first quarter worth about $901,000. Institutional investors and hedge funds own 92.23% of the company’s stock.
Interface, Inc. (NASDAQ TILE) traded up 1.86% on Tuesday, reaching $19.15. 35,307 shares of the company were exchanged. Interface, Inc. has a 12-month low of $14.59 and a 12-month high of $21.05. The firm has a market capitalization of $1.20 billion, a PE ratio of 24.65 and a beta of 1.20. The stock has a 50 day moving average of $19.35 and a 200 day moving average of $19.10.
Interface (NASDAQ:TILE) last issued its earnings results on Wednesday, July 26th. The textile maker reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The business had revenue of $251.70 million for the quarter, compared to the consensus estimate of $254.94 million. Interface had a net margin of 5.21% and a return on equity of 19.66%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. Equities analysts anticipate that Interface, Inc. will post $1.14 EPS for the current year.
Interface declared that its board has approved a stock buyback plan on Wednesday, April 26th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the textile maker to purchase up to 7.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be issued a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 1.38%. This is an increase from Interface’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Wednesday, August 9th. Interface’s payout ratio is presently 30.77%.
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A number of research firms recently issued reports on TILE. Zacks Investment Research lowered shares of Interface from a “hold” rating to a “sell” rating in a research note on Thursday, April 27th. BidaskClub lowered shares of Interface from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Stifel Nicolaus raised their target price on shares of Interface from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, April 28th. ValuEngine upgraded shares of Interface from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Nomura began coverage on shares of Interface in a research note on Wednesday, April 12th. They issued a “buy” rating and a $22.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $19.00.
In other Interface news, VP Robert Coombs sold 12,000 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $20.40, for a total value of $244,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel T. Hendrix sold 6,000 shares of the company’s 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. Over the last 90 days, insiders have sold 34,000 shares of company stock worth $681,940. 1.90% of the stock is owned by corporate insiders.
Interface Company Profile
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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