Allspring Global Investments Holdings LLC Trims Position in Interface, Inc. $TILE

Allspring Global Investments Holdings LLC lowered its holdings in Interface, Inc. (NASDAQ:TILE) by 26.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,776 shares of the textile maker’s stock after selling 46,773 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Interface were worth $3,327,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. grew its holdings in Interface by 133.9% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,008,260 shares of the textile maker’s stock valued at $56,071,000 after buying an additional 1,149,733 shares during the period. UBS Group AG increased its position in Interface by 413.8% during the fourth quarter. UBS Group AG now owns 499,035 shares of the textile maker’s stock worth $13,933,000 after purchasing an additional 401,912 shares during the last quarter. Balyasny Asset Management L.P. increased its position in Interface by 273.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 386,828 shares of the textile maker’s stock worth $10,800,000 after purchasing an additional 283,152 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Interface by 2,333.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 280,986 shares of the textile maker’s stock worth $7,845,000 after purchasing an additional 269,439 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in Interface by 108.5% during the second quarter. Cubist Systematic Strategies LLC now owns 300,203 shares of the textile maker’s stock worth $6,283,000 after purchasing an additional 156,220 shares during the period. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Interface Trading Up 1.0%

NASDAQ:TILE opened at $32.98 on Friday. The company has a market cap of $1.91 billion, a PE ratio of 15.41, a P/E/G ratio of 1.03 and a beta of 1.88. The business’s 50 day moving average is $31.92 and its two-hundred day moving average is $30.12. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.30. Interface, Inc. has a 52 week low of $20.37 and a 52 week high of $36.66.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Friday, May 8th. The textile maker reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. Interface had a return on equity of 20.09% and a net margin of 8.92%.The business had revenue of $331.04 million during the quarter, compared to the consensus estimate of $320.38 million. During the same period in the previous year, the business earned $0.25 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts predict that Interface, Inc. will post 2.11 EPS for the current year.

Interface Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were issued a $0.03 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. Interface’s payout ratio is 5.61%.

Wall Street Analysts Forecast Growth

TILE has been the subject of several research reports. Zacks Research raised shares of Interface from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Interface in a research report on Wednesday, June 17th. Barrington Research restated an “outperform” rating and set a $36.00 price target on shares of Interface in a research note on Friday, April 17th. Wall Street Zen upgraded Interface from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. Finally, Benchmark initiated coverage on Interface in a research note on Tuesday, May 19th. They issued a “buy” rating and a $36.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $36.00.

Insider Activity

In other Interface news, VP David B. Foshee sold 44,393 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $29.00, for a total value of $1,287,397.00. Following the transaction, the vice president owned 175,014 shares of the company’s stock, valued at $5,075,406. This trade represents a 20.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Bruce Andrew Hausmann sold 50,000 shares of Interface stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.66, for a total value of $1,483,000.00. Following the completion of the transaction, the chief financial officer owned 119,256 shares of the company’s stock, valued at approximately $3,537,132.96. The trade was a 29.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.47% of the company’s stock.

Interface Company Profile

Interface, Inc (NASDAQ: TILE) is a global manufacturer of modular flooring and resilient commercial flooring solutions. The company specializes in carpet tiles, luxury vinyl tile (LVT) and other environmentally responsible hard-surface products designed for use in corporate, education, healthcare, hospitality and retail environments. Interface’s portfolio also includes broadloom carpet, rubber flooring and acoustic underlays, all engineered to meet performance, design and sustainability requirements in modern interior spaces.

Founded in 1973 by Ray C.