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

Allspring Global Investments Holdings LLC lowered its position in Interface, Inc. (NASDAQ:TILE) by 39.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 176,549 shares of the textile maker’s stock after selling 112,712 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.30% of Interface worth $4,929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CX Institutional purchased a new stake in Interface during the 3rd quarter worth approximately $9,696,000. SG Capital Management LLC purchased a new stake in Interface during the 3rd quarter worth approximately $8,753,000. Clark Capital Management Group Inc. grew its position in Interface by 67.9% during the 3rd quarter. Clark Capital Management Group Inc. now owns 623,295 shares of the textile maker’s stock worth $18,038,000 after purchasing an additional 252,157 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Interface by 108.5% during the 2nd 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 last quarter. Finally, American Century Companies Inc. grew its position in Interface by 5.5% during the 3rd quarter. American Century Companies Inc. now owns 2,412,549 shares of the textile maker’s stock worth $69,819,000 after purchasing an additional 126,263 shares during the last quarter. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Insider Transactions at Interface

In related news, VP James Poppens sold 8,000 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $28.05, for a total transaction of $224,400.00. Following the sale, the vice president directly owned 103,846 shares of the company’s stock, valued at approximately $2,912,880.30. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 25,650 shares of company stock worth $736,292 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Interface from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings raised shares of Interface from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 20th. Wall Street Zen cut shares of Interface from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 17th. Finally, Barrington Research lifted their price objective on shares of Interface from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Interface Stock Performance

Shares of NASDAQ TILE opened at $24.87 on Tuesday. The company has a current ratio of 2.34, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. Interface, Inc. has a 12 month low of $17.24 and a 12 month high of $35.11. The company has a 50 day simple moving average of $29.55 and a two-hundred day simple moving average of $28.54. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.83 and a beta of 1.96.

Interface (NASDAQ:TILE) last announced its quarterly earnings data on Tuesday, February 24th. The textile maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.40 by $0.09. Interface had a net margin of 8.37% and a return on equity of 19.54%. The business had revenue of $349.39 million during the quarter, compared to analysts’ expectations of $350.54 million. During the same period in the previous year, the business posted $0.34 EPS. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts predict that Interface, Inc. will post 1.37 earnings per share for the current year.

Interface Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 27th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.5%. This is a boost from Interface’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Friday, March 27th. Interface’s payout ratio is currently 6.12%.

Interface 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.