Interface (TILE) is Downgraded by Longbow to Neutral

Interface (TILE) was Downgraded by Longbow to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Longbow advised their investors in a research report released on May 5, 2016.

Many Wall Street Analysts have commented on Interface. Interface was Downgraded by Stifel to ” Hold” on Apr 27, 2016. Barclays Downgraded Interface on Apr 7, 2016 to ” Underweight”, Price Target of the shares are set at $17.Shares were Reiterated by Stifel on Feb 26, 2016 to “Buy” and Lowered the Price Target to $ 20 from a previous price target of $24 .

On the company’s financial health, Interface reported $0.20 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.21. The company had revenue of $222.60 million for the quarter, compared to analysts expectations of $224.90 million. The company’s revenue was down -6.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.19 EPS.

Interface closed down -0.1 points or -0.60% at $16.67 with 4,63,284 shares getting traded on Wednesday. Post opening the session at $16.68, the shares hit an intraday low of $16.5 and an intraday high of $16.97 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on May 4, 2016, Daniel T Hendrix (Chairman & CEO) sold 40,000 shares at $16.83 per share price. According to the SEC, on Apr 5, 2016, Patrick C Lynch (Sr. Vice President & CFO) sold 1,500 shares at $18.22 per share price. On Mar 21, 2016, Raymond S Willoch (Sr. Vice President) sold 15,000 shares at $17.15 per share price, according to the Form-4 filing with the securities and exchange commission.

Interface Inc. is engaged in design production and sales of modular carpet also known as carpet tile across the world. The Company markets its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company’s revenues are derived from sales of floorcovering products primarily modular carpet. The Company distributes its product through two primary channels: direct sales to end users and indirect sales through independent contractors or distributors. The Company sells an antimicrobial chemical compound under the trademark Intersept that the Company incorporates in all of its modular carpet products. The Company manufactures carpet at two locations in the United States and at facilities in the Netherlands the United Kingdom Thailand China and Australia. The Company’s principal geographic markets are the Americas Europe and Asia-Pacific.


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