Bank of Montreal Can reduced its position in shares of Interface, Inc. (NASDAQ:TILE) by 25.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,744 shares of the textile maker’s stock after selling 39,078 shares during the period. Bank of Montreal Can owned approximately 0.19% of Interface worth $2,295,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in TILE. State of Alaska Department of Revenue increased its position in 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 during the last quarter. Arizona State Retirement System increased its position in Interface by 0.3% in the first quarter. Arizona State Retirement System now owns 33,453 shares of the textile maker’s stock worth $637,000 after buying an additional 100 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in Interface by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 19,120 shares of the textile maker’s stock worth $364,000 after buying an additional 170 shares during the last quarter. Louisiana State Employees Retirement System increased its position in Interface by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 26,200 shares of the textile maker’s stock worth $499,000 after buying an additional 200 shares during the last quarter. Finally, Isthmus Partners LLC increased its position in Interface by 0.6% in the first quarter. Isthmus Partners LLC now owns 45,113 shares of the textile maker’s stock worth $859,000 after buying an additional 277 shares during the last quarter. Institutional investors and hedge funds own 92.23% of the company’s stock.
Shares of Interface, Inc. (NASDAQ TILE) traded up 1.475% during mid-day trading on Friday, hitting $18.925. The company had a trading volume of 147,645 shares. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 24.356 and a beta of 1.20. The stock’s 50-day moving average is $19.17 and its 200-day moving average is $19.11. Interface, Inc. has a 52-week low of $14.59 and a 52-week high of $21.05.
Interface (NASDAQ:TILE) last posted its earnings results on Wednesday, July 26th. The textile maker reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $251.70 million during the quarter, compared to analyst estimates of $254.94 million. Interface had a return on equity of 19.66% and a net margin of 5.21%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share. Equities analysts forecast that Interface, Inc. will post $1.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Wednesday, August 9th. This is a positive change from Interface’s previous quarterly dividend of $0.06. This represents a $0.26 annualized dividend and a dividend yield of 1.39%. Interface’s dividend payout ratio is 33.33%.
Interface declared that its board has approved a stock buyback plan on Wednesday, April 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the textile maker to purchase up to 7.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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A number of research firms have recently commented on TILE. BidaskClub downgraded Interface from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. ValuEngine downgraded Interface from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and issued a $19.00 price objective on shares of Interface in a report on Friday, July 28th. Finally, Zacks Investment Research downgraded Interface from a “hold” rating to a “sell” rating in a report on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $19.00.
In other news, VP Robert Coombs sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $20.40, for a total transaction of $244,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel T. Hendrix sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $20.93, for a total value of $104,650.00. The disclosure for this sale can be found here. Insiders have sold 34,000 shares of company stock valued at $681,940 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.
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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