Interface, Inc. (NASDAQ:TILE) Sees Large Decline in Short Interest

Interface, Inc. (NASDAQ:TILE) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totaling 2,845,929 shares, a decline of 20.7% from the November 30th total of 3,588,713 shares. Based on an average daily volume of 347,330 shares, the short-interest ratio is currently 8.2 days. Approximately 5.0% of the shares of the stock are sold short. Approximately 5.0% of the shares of the stock are sold short. Based on an average daily volume of 347,330 shares, the short-interest ratio is currently 8.2 days.

Interface Price Performance

TILE traded down $0.48 on Wednesday, reaching $28.39. The stock had a trading volume of 11,581 shares, compared to its average volume of 440,697. Interface has a fifty-two week low of $17.24 and a fifty-two week high of $30.20. The firm has a 50-day moving average of $27.28 and a 200-day moving average of $25.79. The company has a current ratio of 2.89, a quick ratio of 1.70 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.03 and a beta of 1.94.

Interface (NASDAQ:TILE) last announced its quarterly earnings results on Friday, October 31st. The textile maker reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.15. Interface had a return on equity of 19.30% and a net margin of 8.27%.The firm had revenue of $364.53 million for the quarter, compared to analyst estimates of $358.19 million. During the same period last year, the firm posted $0.48 earnings per share. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Interface will post 1.37 EPS for the current year.

Interface Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, November 28th. Interface’s dividend payout ratio is 4.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on TILE shares. Weiss Ratings lowered Interface from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, December 24th. Zacks Research raised Interface from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. Wall Street Zen downgraded Interface from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 16th. Finally, Barrington Research reissued an “outperform” rating and issued a $32.00 target price on shares of Interface in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $32.00.

Institutional Trading of Interface

Several institutional investors have recently modified their holdings of TILE. Cambria Investment Management L.P. lifted its stake in shares of Interface by 25.0% in the 3rd quarter. Cambria Investment Management L.P. now owns 27,594 shares of the textile maker’s stock valued at $799,000 after purchasing an additional 5,517 shares during the period. CIBC Bancorp USA Inc. acquired a new position in Interface during the 3rd quarter valued at about $1,324,000. Reynders McVeigh Capital Management LLC raised its position in Interface by 13.7% in the 3rd quarter. Reynders McVeigh Capital Management LLC now owns 366,984 shares of the textile maker’s stock valued at $10,621,000 after buying an additional 44,347 shares during the last quarter. Virtus Advisers LLC lifted its position in shares of Interface by 1,395.9% during the third quarter. Virtus Advisers LLC now owns 42,976 shares of the textile maker’s stock valued at $1,244,000 after purchasing an additional 40,103 shares in the last quarter. Finally, Wexford Capital LP purchased a new stake in Interface in the 3rd quarter valued at about $43,000. Institutional investors own 98.34% of the company’s stock.

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.