Interface, Inc. (NASDAQ:TILE) sees a significant drop in short-term interest

Interface, Inc. (NASDAQ:TILE – Get Rating) was the beneficiary of a sharp drop in short-term interest during September. As of September 15, there was short interest totaling 1,090,000 shares, a decline of 16.2% from the total of 1,300,000 shares as of August 31. Currently, 1.9% of the company’s shares are sold short. Based on an average daily volume of 239,500 shares, the short interest ratio is currently 4.6 days.

Institutional investors weigh in on the interface

Institutional investors have recently changed their stake in the company. Janney Montgomery Scott LLC purchased a new equity stake in Interface during Q1 for $157,000. GSA Capital Partners LLP increased its position in Interface shares by 5.4% during the first quarter. GSA Capital Partners LLP now owns 19,931 shares of the textile maker worth $270,000 after buying an additional 1,026 shares in the last quarter. ACG Wealth purchased a new equity stake in Interface during Q2 for $101,000. Green Alpha Advisors LLC increased its position in Interface shares by 1.1% during the 1st quarter. Green Alpha Advisors LLC now owns 93,208 shares of the textile maker worth $1,265,000 after buying 986 additional shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC increased its position in Interface shares by 11.5% during the first quarter. Reynders McVeigh Capital Management LLC now owns 683,475 shares of the textile maker worth $9,275,000 after buying an additional 70,445 shares in the last quarter. 90.02% of the shares are held by hedge funds and other institutional investors.

Wall Street analysts predict growth

Separately, TheStreet downgraded Interface shares from a “b-” to a “c+” rating in a Wednesday, September 21 report.

Interface Stock Performance

NASDAQ:TILE opened at $9.43 on Thursday. The company has a fifty-day simple moving average of $11.95 and a two-hundred-day simple moving average of $12.81. The company has a market capitalization of $560.80 million, a price-earnings ratio of 8.81 and a beta of 1.81. The company has a quick ratio of 1.24, a current ratio of 2.51 and a debt ratio of 1.53. Interface has a 52-week low of $8.90 and a 52-week high of $18.03.

Interface (NASDAQ:TILE – Get Rating) last released its quarterly results on Friday, August 5. The textile maker reported EPS of $0.36 for the quarter, beating the consensus estimate of $0.32 by $0.04. The company posted revenue of $346.60 million in the quarter, versus a consensus estimate of $357.70 million. Interface had a net margin of 4.89% and a return on equity of 23.39%. The company’s quarterly revenue increased by 17.6% compared to the same quarter last year. In the same quarter a year earlier, the company posted earnings per share of $0.30. As a group, equity analysts expect Interface to post earnings per share of 1.21 for the current fiscal year.

The interface increases the dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 16. Shareholders of record on Friday, September 2 received a dividend of $0.10. This is an increase from Interface’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, September 1. This represents an annualized dividend of $0.40 and a dividend yield of 4.24%. Interface’s payout ratio is 3.77%.

Company Profile

(Get a rating)

Interface, Inc, a modular flooring company, designs, produces and sells modular carpet products primarily in America, Europe and Asia-Pacific. The company offers modular carpets under the Interface and FLOR brands; carpet tiles under the name GlasBacRE for use in commercial interiors, including offices, healthcare facilities, airports, educational and other facilities, hospitality areas and retail facilities, as well than residential interiors; modular resilient flooring products; rubber flooring under the norament and noraplan brands; and luxury vinyl tile products.

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