Interface, Inc. (NASDAQ:TILE) Position Boosted by Rice Hall James & Associates LLC
Rice Hall James & Associates LLC boosted its position in shares of Interface, Inc. (NASDAQ:TILE) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 956,993 shares of the textile maker’s stock after buying an additional 3,735 shares during the period. Rice Hall James & Associates LLC’s holdings in Interface were worth $18,805,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Interface during the first quarter worth approximately $106,000. Victory Capital Management Inc. boosted its stake in shares of Interface by 38.3% in the first quarter. Victory Capital Management Inc. now owns 6,671 shares of the textile maker’s stock worth $127,000 after buying an additional 1,849 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Interface by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 7,090 shares of the textile maker’s stock worth $135,000 after buying an additional 80 shares in the last quarter. First Mercantile Trust Co. boosted its stake in shares of Interface by 6.9% in the first quarter. First Mercantile Trust Co. now owns 8,157 shares of the textile maker’s stock worth $155,000 after buying an additional 526 shares in the last quarter. Finally, Trust Co. of Vermont boosted its stake in shares of Interface by 52.6% in the first quarter. Trust Co. of Vermont now owns 8,430 shares of the textile maker’s stock worth $161,000 after buying an additional 2,905 shares in the last quarter. Hedge funds and other institutional investors own 92.23% of the company’s stock.
Interface, Inc. (NASDAQ:TILE) opened at 18.75 on Friday. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 24.13 and a beta of 1.20. Interface, Inc. has a 12 month low of $14.59 and a 12 month high of $21.05. The stock has a 50 day moving average of $19.15 and a 200 day moving average of $19.11.
Interface (NASDAQ:TILE) last issued its quarterly 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 company 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 quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Equities analysts anticipate that Interface, Inc. will post $1.14 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors 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. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Wednesday, August 9th. Interface’s payout ratio is 33.33%.
Interface declared that its Board of Directors has authorized a share buyback program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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A number of brokerages have commented on TILE. BidaskClub cut shares of Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stifel Nicolaus reissued a “hold” rating and issued a $19.00 price objective on shares of Interface in a research report on Friday, July 28th. ValuEngine lowered shares of Interface from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research lowered shares of Interface from a “hold” rating to a “sell” rating in a research report on Thursday, April 27th. 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 stock. The company presently has a consensus rating of “Hold” and an average target price of $19.00.
In related news, Director Daniel T. Hendrix sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $20.07, for a total value of $100,350.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert Coombs sold 12,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $20.40, for a total transaction of $244,800.00. The disclosure for this sale can be found here. Insiders sold a total of 34,000 shares of company stock worth $681,940 over the last three months. 1.90% of the stock is owned by insiders.
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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