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

Interface, Inc. (NASDAQ:TILE) saw a significant 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. Based on an average daily volume of 399,700 shares, the short-interest ratio is presently 2.4 days. Currently, 1.7% of the shares of the stock are sold short.

Interface Trading Down 2.7 %

Shares of TILE traded down $0.43 during midday trading on Tuesday, hitting $15.33. 308,808 shares of the stock were exchanged, compared to its average volume of 375,182. Interface has a 52-week low of $6.51 and a 52-week high of $18.47. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.42 and a current ratio of 2.72. The stock has a fifty day simple moving average of $15.63 and a 200 day simple moving average of $12.77. The firm has a market cap of $892.21 million, a P/E ratio of 20.74, a P/E/G ratio of 0.99 and a beta of 1.98.

Interface (NASDAQ:TILE) last posted its quarterly earnings data on Tuesday, February 27th. The textile maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.22 by $0.19. The business had revenue of $325.10 million during the quarter, compared to analyst estimates of $320.16 million. Interface had a net margin of 3.53% and a return on equity of 14.95%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. On average, research analysts anticipate that Interface will post 1.05 EPS for the current fiscal year.

Interface Announces Dividend

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

Analyst Upgrades and Downgrades

TILE has been the subject of several research reports. TheStreet upgraded Interface from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Barrington Research started coverage on shares of Interface in a report on Monday, April 15th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Truist Financial raised their price target on shares of Interface from $10.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, February 28th.

Institutional Trading of Interface

Several hedge funds have recently made changes to their positions in the company. First Hawaiian Bank lifted its position in Interface by 3.8% in the first quarter. First Hawaiian Bank now owns 36,890 shares of the textile maker’s stock valued at $620,000 after purchasing an additional 1,353 shares during the period. Swiss National Bank raised its position in Interface by 1.5% in the third quarter. Swiss National Bank now owns 127,500 shares of the textile maker’s stock worth $1,251,000 after acquiring an additional 1,900 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Interface by 131.1% in the first quarter. GAMMA Investing LLC now owns 3,943 shares of the textile maker’s stock valued at $66,000 after acquiring an additional 2,237 shares during the period. Independent Advisor Alliance boosted its position in shares of Interface by 3.8% during the 3rd quarter. Independent Advisor Alliance now owns 67,510 shares of the textile maker’s stock worth $662,000 after purchasing an additional 2,476 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Interface by 21.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,465 shares of the textile maker’s stock worth $233,000 after purchasing an additional 3,230 shares during the period. Institutional investors and hedge funds own 98.34% of the company’s stock.

About Interface

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.