Morgan Stanley lowered its position in Interface, Inc. (NASDAQ:TILE) by 28.2% during the first quarter, Holdings Channel reports. The firm owned 263,050 shares of the textile maker’s stock after selling 103,178 shares during the period. Morgan Stanley’s holdings in Interface were worth $5,011,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TILE. Bank of Montreal Can raised its stake in shares of Interface by 38.9% in the first quarter. Bank of Montreal Can now owns 155,822 shares of the textile maker’s stock valued at $2,968,000 after buying an additional 43,673 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Interface by 0.3% in the first quarter. Arizona State Retirement System now owns 33,453 shares of the textile maker’s stock valued at $637,000 after buying an additional 100 shares during the last quarter. Swiss National Bank raised its stake in shares of Interface by 3.7% in the first quarter. Swiss National Bank now owns 106,700 shares of the textile maker’s stock valued at $2,033,000 after buying an additional 3,800 shares during the last quarter. Norges Bank purchased a new stake in shares of Interface during the fourth quarter valued at about $15,890,000. Finally, Wedge Capital Management L L P NC raised its stake in shares of Interface by 8.2% in the first quarter. Wedge Capital Management L L P NC now owns 820,848 shares of the textile maker’s stock valued at $15,637,000 after buying an additional 62,110 shares during the last quarter. Institutional investors and hedge funds own 92.23% of the company’s stock.

Shares of Interface, Inc. (NASDAQ:TILE) traded up 0.34% during mid-day trading on Wednesday, hitting $19.10. The company’s stock had a trading volume of 55,207 shares. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 24.58 and a beta of 1.20. Interface, Inc. has a 52-week low of $14.59 and a 52-week high of $21.05. The stock’s 50 day moving average price is $19.24 and its 200 day moving average price is $19.09.

Interface (NASDAQ:TILE) last released its quarterly earnings results on Wednesday, July 26th. The textile maker reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. The firm had revenue of $251.70 million for the quarter, compared to analysts’ expectations of $254.94 million. Interface had a return on equity of 19.66% and a net margin of 5.21%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. Equities analysts forecast that Interface, Inc. will post $1.14 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 1.36%. This is a boost from Interface’s previous quarterly dividend of $0.06. The ex-dividend date is Wednesday, August 9th. Interface’s dividend payout ratio is presently 30.77%.

Interface declared that its board has authorized a stock repurchase plan on Wednesday, April 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the textile maker to purchase up to 7.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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Several analysts have issued reports on TILE shares. Zacks Investment Research lowered Interface from a “hold” rating to a “sell” rating in a research note on Thursday, April 27th. ValuEngine upgraded Interface from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. BidaskClub upgraded Interface from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Stifel Nicolaus boosted their target price on Interface from $18.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Finally, Nomura started coverage on Interface in a research note on Wednesday, April 12th. They issued a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.00.

In other news, Director Daniel T. Hendrix sold 6,000 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $18.95, for a total transaction of $113,700.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert Coombs sold 12,000 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $20.40, for a total value of $244,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,000 shares of company stock worth $681,940 over the last three months. Insiders own 1.90% of the company’s stock.

About Interface

Interface Inc is engaged in design, production and sale of modular carpet, also known as carpet tile. As of January 1, 2017, the Company marketed its modular carpets in over 110 countries under the brand names Interface and FLOR. The Company operates through three segments: Americas, Europe and Asia-Pacific.

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Institutional Ownership by Quarter for Interface (NASDAQ:TILE)

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