Interface, Inc. (NASDAQ:TILE) Sees Significant Decrease in Short Interest

Interface, Inc. (NASDAQ:TILE) was the recipient of a large decline in short interest during the month of April. As of April 15th, there was short interest totaling 3,140,251 shares, a decline of 20.5% from the March 31st total of 3,951,969 shares. Based on an average daily volume of 645,991 shares, the days-to-cover ratio is currently 4.9 days. Approximately 5.6% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TILE. Wall Street Zen cut shares of Interface from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 17th. Barrington Research restated an “outperform” rating and issued a $36.00 price objective on shares of Interface in a research note on Friday, April 17th. Finally, Weiss Ratings upgraded shares of Interface from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Insiders Place Their Bets

In related news, VP James Poppens sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $28.05, for a total value of $224,400.00. Following the completion of the sale, the vice president directly owned 103,846 shares in the company, valued at approximately $2,912,880.30. The trade was a 7.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 25,650 shares of company stock valued at $736,292. 2.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC lifted its holdings in shares of Interface by 180.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 981 shares of the textile maker’s stock worth $27,000 after buying an additional 631 shares during the last quarter. TD Private Client Wealth LLC acquired a new position in shares of Interface during the third quarter worth approximately $32,000. Blue Trust Inc. acquired a new position in shares of Interface during the third quarter worth approximately $34,000. Larson Financial Group LLC lifted its holdings in shares of Interface by 114.6% during the third quarter. Larson Financial Group LLC now owns 1,176 shares of the textile maker’s stock worth $34,000 after buying an additional 628 shares during the last quarter. Finally, Wexford Capital LP acquired a new position in shares of Interface during the third quarter worth approximately $43,000. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Interface Price Performance

Shares of Interface stock opened at $27.83 on Friday. Interface has a 1-year low of $18.74 and a 1-year high of $35.11. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.91 and a beta of 1.92. The firm has a fifty day simple moving average of $27.52 and a 200-day simple moving average of $28.45. The company has a current ratio of 2.34, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Tuesday, February 24th. The textile maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.09. Interface had a return on equity of 19.54% and a net margin of 8.37%.The company had revenue of $349.39 million during the quarter, compared to analyst estimates of $350.54 million. During the same period in the previous year, the company earned $0.34 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts expect that Interface will post 2.05 earnings per share for the current year.

Interface Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Friday, March 27th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from Interface’s previous quarterly dividend of $0.02. The ex-dividend date was Friday, March 27th. Interface’s dividend payout ratio is presently 6.12%.

About Interface

Interface, Inc (NASDAQ: TILE) is a global manufacturer of modular flooring and resilient commercial flooring solutions. The company specializes in carpet tiles, luxury vinyl tile (LVT) and other environmentally responsible hard-surface products designed for use in corporate, education, healthcare, hospitality and retail environments. Interface’s portfolio also includes broadloom carpet, rubber flooring and acoustic underlays, all engineered to meet performance, design and sustainability requirements in modern interior spaces.

Founded in 1973 by Ray C.