Interface (NASDAQ:TILE) Updated by Zacks Investment Research for “Buy”


Interface (NASDAQ: TILE – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report released Wednesday to clients and investors, Zacks.com reports. The company currently has a price target of $14.00 on shares of the textile maker. Zacks Investment Research’s price target indicates a potential upside of 5.34% from the current stock price.

According to Zacks, “Interface, Inc. is the world’s largest manufacturer of modular carpeting, which it markets under the Interface and FLOR brand names. The Company is committed to achieving the goal of sustainability and doing business in a way that minimizes environmental impact while enhancing shareholder value. Interface is the world’s largest modular carpet manufacturer. Their legacy began with the invention of the first carpet tile around 50 years ago by a Dutch company called Heuga, now part of InterfaceFLOR. From that spark of invention, they continued to innovate, resulting in award-winning modular mat design, pioneering environmental practices and revolutionary manufacturing technology. Their products are designed for a wide range of commercial environments including enterprise, healthcare, education, retail, hospitality and government. We continue to lead the industry in environmental achievement and the exploration of green products and processes. “

Several other brokerages also recently commented on TILE. Raymond James lowered his price target on Interface shares from $19.00 to $17.00 and set an “outperform” rating for the company in a Wednesday, March 2 research report. StockNews.com launched coverage on Interface shares in a research note on Thursday, March 31. They have set a “Strong Buy” rating on the stock.

TILE was down $0.39 during midday trading on Wednesday, hitting $13.29. The company had a trading volume of 4,768 shares, compared to an average volume of 205,372. The company has a leverage ratio of 1.38, a quick ratio of 1.17 and a current ratio of 2.19. The company has a market capitalization of $787.87 million, a PE ratio of 12.78 and a beta of 1.79. The interface has a 12-month low of $12.22 and a 12-month high of $18.03. The company’s 50-day simple moving average is $13.19 and its 200-day simple moving average is $14.27.

Interface (NASDAQ:TILE – Get Rating) last released its quarterly earnings data on Friday, May 6. The textile maker reported earnings per share of $0.28 for the quarter, beating the consensus estimate of $0.16 by $0.12. Interface had a net margin of 4.60% and a return on equity of 21.39%. The company posted revenue of $288.00 million in the quarter, compared to $282.97 million expected by analysts. In the same quarter last year, the company posted EPS of $0.17. The company’s quarterly revenue increased by 13.7% compared to the same quarter last year. As a group, sell-side analysts expect Interface to post EPS of 1.25 for the current fiscal year.

A number of institutional investors and hedge funds have recently changed their positions in TILE. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Interface in the third quarter worth approximately $39,138,000. Meros Investment Management LP bought a new position in Interface in the fourth quarter, valued at approximately $7,801,000. BlackRock Inc. increased its stake in Interface by 2.6% in the fourth quarter. BlackRock Inc. now owns 9,484,692 shares of the textile maker valued at $151,280,000 after buying an additional 244,770 shares last quarter. Schroder Investment Management Group increased its stake in Interface by 22.9% in the third quarter. Schroder Investment Management Group now owns 1,182,342 shares of the textile maker valued at $17,912,000 after buying an additional 220,595 shares last quarter. Finally, New Jersey State Joint Pension Fund D bought a new position in Interface in the first quarter, valued at around $2,327,000. 96.30% of the shares are currently held by hedge funds and other institutional investors.

Company Profile (Get an assessment)

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 and retail spaces, as well as residential interiors; modular resilient flooring products; rubber flooring under the norament and noraplan brands; and luxury vinyl tile products.

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