Peregrine Capital Management LLC increased its position in shares of Interface, Inc. (NASDAQ:TILE) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 547,281 shares of the textile maker’s stock after buying an additional 10,950 shares during the period. Peregrine Capital Management LLC’s holdings in Interface were worth $10,754,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of TILE. BlackRock Inc. increased its position in shares of Interface by 144,783.3% in the first quarter. BlackRock Inc. now owns 7,815,006 shares of the textile maker’s stock worth $148,876,000 after buying an additional 7,809,612 shares during the last quarter. Norges Bank bought a new position in shares of Interface during the fourth quarter worth approximately $15,890,000. Ariel Investments LLC increased its position in shares of Interface by 59.0% in the first quarter. Ariel Investments LLC now owns 1,202,898 shares of the textile maker’s stock worth $22,915,000 after buying an additional 446,541 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Interface by 18.8% in the first quarter. Frontier Capital Management Co. LLC now owns 2,749,905 shares of the textile maker’s stock worth $52,386,000 after buying an additional 436,135 shares during the last quarter. Finally, JHL Capital Group LLC bought a new position in shares of Interface during the first quarter worth approximately $7,620,000. Institutional investors own 92.33% of the company’s stock.
Shares of Interface, Inc. (NASDAQ:TILE) traded down 0.53% during trading on Friday, reaching $18.90. The company’s stock had a trading volume of 335,678 shares. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 24.84 and a beta of 1.21. Interface, Inc. has a 1-year low of $14.59 and a 1-year high of $21.05. The company’s 50-day moving average price is $19.73 and its 200 day moving average price is $19.07.
Interface (NASDAQ:TILE) last posted its quarterly earnings results on Wednesday, April 26th. The textile maker reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Interface had a return on equity of 19.18% and a net margin of 5.20%. The business had revenue of $221.10 million during the quarter, compared to analyst estimates of $222.81 million. During the same period last year, the company earned $0.20 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. Analysts anticipate that Interface, Inc. will post $1.14 EPS for the current year.
Interface announced that its board has authorized a stock buyback program on Wednesday, April 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the textile maker to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
TRADEMARK VIOLATION NOTICE: This article was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this article on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark laws. The legal version of this article can be accessed at https://stocknewstimes.com/2017/07/23/peregrine-capital-management-llc-increases-position-in-interface-inc-tile.html.
TILE has been the subject of a number of research reports. Nomura initiated coverage on Interface in a research note on Wednesday, April 12th. They issued a “buy” rating and a $22.00 target price for the company. Zacks Investment Research downgraded Interface from a “hold” rating to a “sell” rating in a research note on Thursday, April 27th. BidaskClub downgraded Interface from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Stifel Nicolaus lifted their target price on Interface from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Finally, ValuEngine upgraded Interface from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.00.
In other news, Director Daniel T. Hendrix sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $18.95, for a total transaction of $113,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robert Coombs sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $19.75, for a total transaction of $493,750.00. The disclosure for this sale can be found here. Insiders sold 65,999 shares of company stock valued at $1,312,051 in the last three months. Company insiders own 1.90% of the company’s stock.
About Interface
Interface Inc is engaged in design, production and sale of modular carpet, also known as carpet tile. As of January 1, 2017, the Company marketed its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company operates through three segments: Americas, Europe and Asia-Pacific.
Want to see what other hedge funds are holding TILE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Interface, Inc. (NASDAQ:TILE).
Receive News & Ratings for Interface Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Interface Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
