Short Interest in Interface, Inc. (NASDAQ:TILE) Decreases By 15.6%

Interface, Inc. (NASDAQ:TILE) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 953,400 shares, a drop of 15.6% from the March 31st total of 1,130,000 shares. Approximately 1.7% of the shares of the stock are short sold. Based on an average daily volume of 399,700 shares, the short-interest ratio is presently 2.4 days.

Interface Trading Up 2.0 %

NASDAQ TILE opened at $15.61 on Friday. The stock has a market cap of $908.50 million, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 0.97 and a beta of 1.98. Interface has a fifty-two week low of $6.51 and a fifty-two week high of $18.47. The stock has a 50 day simple moving average of $15.59 and a two-hundred day simple moving average of $12.71. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.42 and a current ratio of 2.72.

Interface (NASDAQ:TILE) last announced its earnings results on Tuesday, February 27th. The textile maker reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.19. The company had revenue of $325.10 million during the quarter, compared to the consensus estimate of $320.16 million. Interface had a return on equity of 14.95% and a net margin of 3.53%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, analysts forecast that Interface will post 1.05 earnings per share for the current year.

Interface Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Wednesday, March 27th. Interface’s payout ratio is presently 5.26%.

Institutional Investors Weigh In On Interface

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TILE. SG Americas Securities LLC purchased a new stake in Interface in the third quarter worth about $325,000. Independent Advisor Alliance boosted its holdings in Interface by 3.8% in the third quarter. Independent Advisor Alliance now owns 67,510 shares of the textile maker’s stock worth $662,000 after acquiring an additional 2,476 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Interface by 86.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,235 shares of the textile maker’s stock worth $149,000 after acquiring an additional 7,052 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Interface by 24.2% during the third quarter. Panagora Asset Management Inc. now owns 226,659 shares of the textile maker’s stock valued at $2,224,000 after acquiring an additional 44,186 shares in the last quarter. Finally, Olympiad Research LP bought a new position in Interface in the 3rd quarter worth about $141,000. 98.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TILE. TheStreet upgraded shares of Interface from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Truist Financial increased their target price on Interface from $10.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, February 28th. Finally, Barrington Research began coverage on Interface in a research note on Monday, April 15th. They set an “outperform” rating and a $20.00 price target for the company.

Interface Company Profile

Interface, Inc designs, produces, and sells modular carpet products primarily worldwide. The company operates in two segments, Americas (AMS), and Europe, Africa, Asia and Australia (EAAA). The company offers modular carpets under the Interface and FLOR brand names; luxury vinyl tiles; carpet tiles under the CQuestGB name for use in commercial interiors, include offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, as well as residential interiors; and modular resilient flooring products.