Engineers Gate Manager LP Sells 48,100 Shares of Interface, Inc. $TILE

Engineers Gate Manager LP lowered its stake in Interface, Inc. (NASDAQ:TILE - Free Report) by 55.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,050 shares of the textile maker's stock after selling 48,100 shares during the quarter. Engineers Gate Manager LP owned approximately 0.07% of Interface worth $1,400,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Nykredit A S purchased a new position in Interface during the second quarter worth about $47,000. Corient Private Wealth LP bought a new position in Interface in the 2nd quarter worth about $319,000. Amundi raised its holdings in shares of Interface by 41.8% in the 2nd quarter. Amundi now owns 13,083 shares of the textile maker's stock valued at $469,000 after acquiring an additional 3,858 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Interface in the second quarter worth approximately $254,000. Finally, HB Wealth Management LLC raised its stake in Interface by 1.0% in the second quarter. HB Wealth Management LLC now owns 40,804 shares of the textile maker's stock valued at $1,462,000 after purchasing an additional 418 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on TILE. Barrington Research lifted their target price on shares of Interface from $36.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Zacks Research raised shares of Interface from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 26th. Weiss Ratings upgraded Interface from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen downgraded shares of Interface from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $40.50.

Insider Activity

In related news, CEO Laurel Hurd sold 7,000 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $39.09, for a total transaction of $273,630.00. Following the transaction, the chief executive officer owned 506,978 shares in the company, valued at $19,817,770.02. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Hendrix sold 8,000 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $37.13, for a total transaction of $297,040.00. Following the transaction, the director owned 88,147 shares in the company, valued at $3,272,898.11. This represents a 8.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 43,621 shares of company stock valued at $1,601,274. Corporate insiders own 2.47% of the company's stock.

Interface Stock Down 0.8%

Shares of NASDAQ TILE opened at $34.38 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.53 and a debt-to-equity ratio of 0.29. Interface, Inc. has a 52 week low of $24.40 and a 52 week high of $40.50. The firm's fifty day moving average is $35.71 and its 200 day moving average is $31.40. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 0.98 and a beta of 1.92.

Interface (NASDAQ:TILE - Get Free Report) last posted its earnings results on Friday, August 7th. The textile maker reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.24. Interface had a net margin of 10.10% and a return on equity of 21.77%. The company had revenue of $395.70 million during the quarter, compared to analyst estimates of $391.22 million. During the same period in the prior year, the business posted $0.60 earnings per share. Interface's revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts expect that Interface, Inc. will post 2.36 earnings per share for the current year.

Interface Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Interface's payout ratio is presently 4.86%.

Interface Profile

Interface, Inc designs and manufactures modular flooring and interior solutions for commercial and residential spaces. Its product portfolio includes modular carpet tile, broadloom carpet, luxury vinyl tile, resilient flooring and rubber flooring, as well as acoustic products and related accessories. The company markets its offerings under brands that include Interface, FLOR and nora.

Interface serves customers in a range of industries, including corporate offices, hospitality, education, healthcare, retail and government.

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