Allianz Asset Management GmbH Sells 25,883 Shares of Interface, Inc. (NASDAQ:TILE)

Key Points

• Allianz Asset Management GmbH decreased its holdings in Interface, Inc. by 4.9%, selling 25,883 shares during the first quarter, leaving them with 504,026 shares valued at approximately $10 million.
• Several institutional investors have made significant adjustments to their stakes in Interface, with Envestnet Asset Management Inc. raising its stake by 277.1% in the same quarter.
• Interface's shares were upgraded from a "hold" to a "buy" by Wall Street Zen, while Barrington Research set a target price of $30.00, reflecting positive sentiment among analysts.

Allianz Asset Management GmbH lowered its position in Interface, Inc. (NASDAQ:TILE - Free Report) by 4.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 504,026 shares of the textile maker's stock after selling 25,883 shares during the period. Allianz Asset Management GmbH owned 0.86% of Interface worth $10,000,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Interface by 56.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,649 shares of the textile maker's stock worth $291,000 after buying an additional 5,299 shares during the last quarter. North Star Investment Management Corp. raised its position in shares of Interface by 9.9% in the 1st quarter. North Star Investment Management Corp. now owns 166,075 shares of the textile maker's stock worth $3,295,000 after acquiring an additional 15,000 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Interface in the 1st quarter valued at about $304,000. Raymond James Financial Inc. acquired a new position in shares of Interface in the 4th quarter valued at about $2,498,000. Finally, Virtus Fund Advisers LLC bought a new stake in shares of Interface during the 4th quarter valued at about $48,000. 98.34% of the stock is owned by institutional investors.

Insider Activity at Interface

In other Interface news, VP James Poppens sold 19,474 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $20.14, for a total transaction of $392,206.36. Following the sale, the vice president owned 130,142 shares in the company, valued at $2,621,059.88. This represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.60% of the company's stock.

Interface Stock Up 1.1%

Shares of TILE traded up $0.23 during trading hours on Friday, reaching $20.90. 276,675 shares of the stock traded hands, compared to its average volume of 301,974. Interface, Inc. has a 52 week low of $14.75 and a 52 week high of $27.34. The stock has a fifty day simple moving average of $20.74 and a 200 day simple moving average of $20.74. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 0.88 and a beta of 1.97. The company has a current ratio of 2.76, a quick ratio of 1.42 and a debt-to-equity ratio of 0.59.

Interface (NASDAQ:TILE - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The textile maker reported $0.25 EPS for the quarter, topping the consensus estimate of $0.21 by $0.04. Interface had a net margin of 6.48% and a return on equity of 17.73%. The business had revenue of $297.41 million for the quarter, compared to analyst estimates of $297.11 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts forecast that Interface, Inc. will post 1.37 EPS for the current year.

Interface Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.01 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. Interface's payout ratio is 2.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barrington Research reiterated an "outperform" rating and issued a $30.00 target price on shares of Interface in a report on Tuesday, July 22nd. Wall Street Zen raised shares of Interface from a "hold" rating to a "buy" rating in a research report on Saturday, May 10th.

About Interface

Interface, Inc designs, produces, and sells modular carpet products primarily worldwide. The company operates in two segments, Americas (AMS), and Europe, Africa, Asia and Australia (EAAA). The company offers modular carpets under the Interface and FLOR brand names; luxury vinyl tiles; carpet tiles under the CQuestGB name for use in commercial interiors, include offices, healthcare facilities, airports, educational and other institutions, hospitality spaces, and retail facilities, as well as residential interiors; and modular resilient flooring products.