Bank of Montreal Can lowered its stake in Interface, Inc. (NASDAQ:TILE) by 25.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 116,744 shares of the textile maker’s stock after selling 39,078 shares during the period. Bank of Montreal Can’s holdings in Interface were worth $2,295,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of TILE. Ameritas Investment Partners Inc. acquired a new position in shares of Interface during the first quarter valued at about $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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in 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 trading on Friday, hitting $18.925. The stock 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. Interface, Inc. has a one year low of $14.59 and a one year high of $21.05. The stock’s 50-day moving average price is $19.17 and its 200 day moving average price is $19.11.
Interface (NASDAQ:TILE) last announced its quarterly earnings data on Wednesday, July 26th. The textile maker reported $0.33 earnings per share (EPS) 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 firm had revenue of $251.70 million for the quarter, compared to analysts’ expectations of $254.94 million. During the same period last year, the firm earned $0.32 earnings per share. The business’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.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 1.39%. This is a boost from Interface’s previous quarterly dividend of $0.06. The ex-dividend date is Wednesday, August 9th. Interface’s dividend payout ratio (DPR) is currently 33.33%.
Interface declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the textile maker to repurchase up to 7.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts have recently issued reports on the company. ValuEngine downgraded Interface from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and set a $19.00 price objective on shares of Interface in a research report on Friday, July 28th. BidaskClub downgraded Interface from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research downgraded 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 has a consensus rating of “Hold” and an average price target of $19.00.
In other news, Director Daniel T. Hendrix sold 5,000 shares of Interface stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $20.07, for a total transaction of $100,350.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert Coombs sold 12,000 shares of Interface stock in a transaction on 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. Over the last three months, insiders have sold 34,000 shares of company stock worth $681,940. Insiders own 1.90% of the company’s stock.
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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