Louisiana State Employees Retirement System decreased its stake in shares of Interface, Inc. (NASDAQ:TILE) by 2.3% during the second quarter, Holdings Channel reports. The firm owned 25,600 shares of the textile maker’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Interface were worth $503,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in shares of Interface during the first quarter valued at approximately $106,000. Victory Capital Management Inc. increased its position 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 valued at $127,000 after buying an additional 1,849 shares during the period. State of Alaska Department of Revenue increased its position 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 valued at $135,000 after buying an additional 80 shares during the period. First Mercantile Trust Co. increased its position 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 valued at $155,000 after buying an additional 526 shares during the period. Finally, Trust Co. of Vermont increased its position 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 valued at $161,000 after buying an additional 2,905 shares during the period. 92.23% of the stock is owned by hedge funds and other institutional investors.
Interface, Inc. (NASDAQ:TILE) traded up 1.475% during trading on Friday, reaching $18.925. 150,508 shares of the company were exchanged. The company’s 50-day moving average price is $19.17 and its 200-day moving average price is $19.11. The stock has a market capitalization of $1.19 billion, a P/E ratio of 24.356 and a beta of 1.20. Interface, Inc. has a 1-year low of $14.59 and a 1-year high of $21.05.
Interface (NASDAQ:TILE) last announced its quarterly earnings data on Wednesday, July 26th. The textile maker reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. Interface had a net margin of 5.21% and a return on equity of 19.66%. The company had revenue of $251.70 million during the quarter, compared to analyst estimates of $254.94 million. During the same quarter last year, the business posted $0.32 EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities analysts forecast that Interface, Inc. will post $1.14 EPS for the current year.
Interface announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the textile maker to reacquire up to 7.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed 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 is a positive change from Interface’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.26 dividend on an annualized basis and a yield of 1.39%. Interface’s dividend payout ratio (DPR) is presently 33.33%.
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Several equities analysts have recently commented on the stock. BidaskClub downgraded shares of Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Stifel Nicolaus reaffirmed a “hold” rating and set a $19.00 price objective on shares of Interface in a research note on Friday, July 28th. ValuEngine downgraded shares of Interface from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research downgraded 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 stock. Interface has an average rating of “Hold” and an average target price of $19.00.
In related news, VP Robert Coombs sold 12,000 shares of Interface stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $20.40, for a total transaction of $244,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel T. Hendrix sold 5,000 shares of Interface stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $20.93, for a total transaction of $104,650.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,000 shares of company stock valued at $681,940 in the last quarter. 1.90% of the stock is currently owned by company 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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