A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on Interface, Inc. (NASDAQ:TILE).
Is Interface, Inc. (NASDAQ:TILE) a worthy investment today? The smart money is becoming more confident. The number of bullish hedge fund positions improved by 3 lately. TILE was in 21 hedge funds’ portfolios at the end of September. There were 18 hedge funds in our database with TILE positions at the end of the previous quarter. At the end of this article we will also compare TILE to other stocks including Select Comfort Corp. (NASDAQ:SCSS), Mercury Systems Inc (NASDAQ:MRCY), and Ply Gem Holdings Inc (NYSE:PGEM) to get a better sense of its popularity.
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What does the smart money think about Interface, Inc. (NASDAQ:TILE)?
At the end of the third quarter, a total of 21 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 17% rise from one quarter earlier. However, that followed three straight quarters of declines in hedge fund ownership. With hedge funds’ capital changing hands, there exists an “upper tier” of key hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Balyasny Asset Management, managed by Dmitry Balyasny, holds the most valuable position in Interface, Inc. (NASDAQ:TILE). Balyasny Asset Management has a $26 million position in the stock. Sitting at the No. 2 spot is Chuck Royce of Royce & Associates, with a $17.6 million position. Other members of the smart money that hold long positions comprise John W. Rogers’ Ariel Investments, Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital, and D E Shaw, founded by David E. Shaw.
Now, key hedge funds have been driving this bullishness. Balyasny Asset Management assembled the most valuable position in Interface, Inc. (NASDAQ:TILE). Marc Majzner’s Clearline Capital also made a $2.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Joshua Packwood and Schuster Tanger’s Radix Partners, Matthew Tewksbury’s Stevens Capital Management, and Mike Vranos’ Ellington.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Interface, Inc. (NASDAQ:TILE) but similarly valued. We will take a look at Select Comfort Corp. (NASDAQ:SCSS), Mercury Systems Inc (NASDAQ:MRCY), Ply Gem Holdings Inc (NYSE:PGEM), and Apollo Group Inc (NASDAQ:APOL). This group of stocks’ market values resemble TILE’s market value.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $91 million. That figure was $115 million in TILE’s case. Ply Gem Holdings Inc (NYSE:PGEM) is the most popular stock in this table. On the other hand Select Comfort Corp. (NASDAQ:SCSS) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Interface, Inc. (NASDAQ:TILE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.