Arizona State Retirement System lessened its holdings in Interface, Inc. (NASDAQ:TILE) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,556 shares of the textile maker’s stock after selling 7,103 shares during the period. Arizona State Retirement System owned approximately 0.15% of Interface worth $1,986,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of TILE. BlackRock Inc. boosted its position in Interface by 10.4% in the 1st quarter. BlackRock Inc. now owns 8,617,068 shares of the textile maker’s stock valued at $217,152,000 after buying an additional 810,681 shares during the period. TD Asset Management Inc. purchased a new position in Interface in the 2nd quarter valued at approximately $3,222,000. Wells Fargo & Company MN boosted its position in Interface by 14.5% in the 1st quarter. Wells Fargo & Company MN now owns 920,947 shares of the textile maker’s stock valued at $23,209,000 after buying an additional 116,681 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Interface by 18.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 521,362 shares of the textile maker’s stock valued at $13,139,000 after buying an additional 83,006 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Interface by 32.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 310,954 shares of the textile maker’s stock valued at $7,836,000 after buying an additional 75,744 shares during the period. 91.86% of the stock is owned by institutional investors.
TILE has been the subject of several recent analyst reports. BidaskClub cut shares of Interface from a “hold” rating to a “sell” rating in a research report on Wednesday, May 16th. Zacks Investment Research raised shares of Interface from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a research report on Friday, August 10th. ValuEngine cut shares of Interface from a “buy” rating to a “hold” rating in a research report on Thursday, May 24th. Finally, Longbow Research raised shares of Interface from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $26.75.
Interface stock opened at $23.80 on Friday. The firm has a market cap of $1.40 billion, a PE ratio of 20.21 and a beta of 1.16. Interface, Inc. has a 12-month low of $18.90 and a 12-month high of $26.25. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.57 and a quick ratio of 1.46.
Interface (NASDAQ:TILE) last released its quarterly earnings data on Wednesday, July 25th. The textile maker reported $0.42 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The business had revenue of $283.60 million during the quarter, compared to analysts’ expectations of $274.94 million. Interface had a net margin of 5.67% and a return on equity of 23.63%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 EPS. sell-side analysts forecast that Interface, Inc. will post 1.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Friday, August 10th were given a dividend of $0.065 per share. The ex-dividend date was Thursday, August 9th. This represents a $0.26 annualized dividend and a dividend yield of 1.09%. Interface’s dividend payout ratio (DPR) is currently 22.03%.
Interface, Inc, a modular flooring company, designs, produces, and sells modular carpet products primarily in the Americas, Europe, and the Asia-Pacific. The company offers modular carpets under the Interface and FLOR names; carpet tiles under the GlasBacRE name for use in commercial interiors, including offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, as well as residential interiors; modular resilient flooring products; and luxury vinyl tile products.
Further Reading: Understanding Price to Earnings Ratio (PE)
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