Interface (NASDAQ:TILE) Upgraded by Zacks Investment Research to “Buy”

Interface (NASDAQ:TILEGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $14.00 price target on the textile maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 5.34% from the stock’s current price.

According to Zacks, “Interface, Inc. is the world’s largest manufacturer of modular carpet, which it markets under the Interface and FLOR brands. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. Interface is the world’s largest manufacturer of modular carpet. Their heritage began with the invention of the first carpet tile approximately 50 years ago by a Dutch company called Heuga, now part of InterfaceFLOR. From that spark of invention, they have continued to innovate, giving the award-winning modular carpet design, pioneering environmental practices and ground-breaking manufacturing technology. Their products are designed for a wide range of commercial environments including corporate, healthcare, education, retail, hospitality and government. We continue to lead the industry in environmental achievement and the exploration of environmentally efficient products and processes. “

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

TILE traded down $0.39 during midday trading on Wednesday, hitting $13.29. The company had a trading volume of 4,768 shares, compared to its average volume of 205,372. The company has a debt-to-equity 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. Interface has a twelve month low of $12.22 and a twelve month high of $18.03. The firm’s 50-day simple moving average is $13.19 and its 200-day simple moving average is $14.27.

Interface (NASDAQ:TILEGet Rating) last posted its quarterly earnings data on Friday, May 6th. The textile maker reported $0.28 earnings per share 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 firm had revenue of $288.00 million during the quarter, compared to analysts’ expectations of $282.97 million. During the same quarter last year, the company posted $0.17 EPS. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Interface will post 1.25 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in TILE. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Interface in the third quarter valued at 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. lifted its stake in Interface by 2.6% in the fourth quarter. BlackRock Inc. now owns 9,484,692 shares of the textile maker’s stock valued at $151,280,000 after buying an additional 244,770 shares in the last quarter. Schroder Investment Management Group lifted 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’s stock valued at $17,912,000 after buying an additional 220,595 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in Interface in the first quarter valued at approximately $2,327,000. 96.30% of the stock is currently owned by hedge funds and other institutional investors.

Interface Company Profile (Get Rating)

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 brand 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 brand names; and luxury vinyl tile products.

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