ATLANTA—Daniel T. Hendrix, a director at Interface Inc. (NASDAQ:TILE), recently sold a significant portion of his holdings in the company. According to a recent filing, Hendrix sold 42,500 shares of common stock over two days, December 4 and December 5, 2024. The transaction comes as Interface, currently valued at $1.55 billion, trades near its InvestingPro Fair Value with a "GOOD" overall financial health rating. The shares were sold at an average price range between $26.03 and $26.33, amounting to a total transaction value of approximately $1,111,675.
Following these transactions, Hendrix now directly owns 128,647 shares of Interface Inc. Additionally, he holds another 35,072 shares indirectly through a trust. The sales were executed as part of a prearranged trading plan, commonly known as a 10b5-1 plan, which allows insiders to set up a predetermined schedule for selling stocks.
In other recent news, Interface Inc. reported a strong Q3 2024 performance, with an 11% year-over-year increase in net sales, amounting to $344.3 million. This growth was primarily driven by strategic initiatives such as the integration of the Nora and Interface sales teams and investments in automation. These actions have resulted in significant market share gains, especially in the Americas and the Education sector.
Interface has also increased its full-year 2024 outlook, anticipating higher net sales and gross profit margins. The updated outlook estimates net sales between $1.315 billion and $1.325 billion, with gross profit margins targeted between 38% to 38.5%.
However, the healthcare sector's net sales were slightly down due to longer installation timelines for larger projects. Despite this, the sales force for the Nora brand was increased by 20% to enhance market coverage. Additionally, the retail sector is showing signs of recovery, contributing to growth.
Interface's recent developments reflect their focus on internal strategies over market fluctuations to achieve margin goals. The firm's commitment to sustainability, with a goal to become carbon-negative by 2040, and investments in automation, are set to support this growth without immediate capital expansion needs.
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