Wedge Capital Management L L P NC Cuts Stake in Interface, Inc. (NASDAQ:TILE)
Wedge Capital Management L L P NC reduced its holdings in shares of Interface, Inc. (NASDAQ:TILE) by 1.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 508,882 shares of the textile maker’s stock after selling 7,467 shares during the period. Wedge Capital Management L L P NC’s holdings in Interface were worth $7,801,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Frontier Capital Management Co. LLC increased its position in shares of Interface by 24.2% in the 1st quarter. Frontier Capital Management Co. LLC now owns 4,555,383 shares of the textile maker’s stock valued at $69,788,000 after purchasing an additional 887,883 shares during the last quarter. FMR LLC increased its position in shares of Interface by 15.8% in the 4th quarter. FMR LLC now owns 2,788,403 shares of the textile maker’s stock valued at $39,735,000 after purchasing an additional 379,771 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Interface by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,485,804 shares of the textile maker’s stock valued at $35,423,000 after purchasing an additional 45,312 shares during the last quarter. Westwood Holdings Group Inc. increased its position in shares of Interface by 4.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,439,458 shares of the textile maker’s stock valued at $37,372,000 after purchasing an additional 111,593 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Interface in the 4th quarter valued at approximately $19,838,000. 92.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:TILE traded down $0.11 during trading hours on Thursday, reaching $10.85. The stock had a trading volume of 1,944 shares, compared to its average volume of 400,984. The business’s 50 day moving average is $14.19. Interface, Inc. has a 1 year low of $10.96 and a 1 year high of $24.25. The company has a quick ratio of 1.33, a current ratio of 2.49 and a debt-to-equity ratio of 2.10. The stock has a market cap of $672.45 million, a PE ratio of 7.38 and a beta of 1.46.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be issued a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, August 8th. Interface’s payout ratio is 17.45%.
A number of equities research analysts have commented on TILE shares. SunTrust Banks set a $17.00 price objective on shares of Interface and gave the company a “buy” rating in a research report on Friday, July 26th. ValuEngine downgraded shares of Interface from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of Interface from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Finally, BidaskClub downgraded shares of Interface from a “sell” rating to a “strong sell” rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $20.33.
Interface Company Profile
Interface, Inc, a modular flooring company, designs, produces, and sells modular carpet products primarily in the Americas, Europe, and the Asia-Pacific. The company offers modular carpets under the Interface and FLOR names; carpet tiles under the GlasBacRE name for use in commercial interiors, including offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, 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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