Principal Financial Group Inc. Lowers Stake in Interface, Inc. (NASDAQ:TILE)

Principal Financial Group Inc. lowered its stake in shares of Interface, Inc. (NASDAQ:TILE) by 0.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 301,668 shares of the textile maker’s stock after selling 1,158 shares during the quarter. Principal Financial Group Inc. owned 0.52% of Interface worth $5,074,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in Interface in the 1st quarter worth $57,000. GAMMA Investing LLC raised its position in Interface by 131.1% in the 1st quarter. GAMMA Investing LLC now owns 3,943 shares of the textile maker’s stock worth $66,000 after purchasing an additional 2,237 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Interface by 21.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,465 shares of the textile maker’s stock worth $233,000 after purchasing an additional 3,230 shares during the period. Arjuna Capital purchased a new position in Interface in the 4th quarter worth $257,000. Finally, Gendell Jeffrey L purchased a new position in Interface in the 4th quarter worth $277,000. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Insider Transactions at Interface

In other news, Director Daniel T. Hendrix sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $15.05, for a total value of $188,125.00. Following the transaction, the director now owns 258,647 shares in the company, valued at $3,892,637.35. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Daniel T. Hendrix sold 12,500 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $15.05, for a total transaction of $188,125.00. Following the transaction, the director now owns 258,647 shares in the company, valued at $3,892,637.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Stansfield Nigel sold 19,990 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $16.24, for a total transaction of $324,637.60. Following the transaction, the vice president now owns 181,855 shares in the company, valued at approximately $2,953,325.20. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Barrington Research restated an “outperform” rating and issued a $22.00 price objective on shares of Interface in a research report on Monday, June 17th.

Interface Stock Down 3.5 %

NASDAQ:TILE traded down $0.52 during mid-day trading on Friday, hitting $14.35. 45,641 shares of the company’s stock were exchanged, compared to its average volume of 413,878. The business has a fifty day moving average price of $15.36 and a 200 day moving average price of $14.54. The company has a market cap of $835.74 million, a PE ratio of 14.72, a P/E/G ratio of 0.84 and a beta of 2.00. Interface, Inc. has a one year low of $8.26 and a one year high of $18.47. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.72 and a quick ratio of 1.30.

Interface (NASDAQ:TILE) last issued its earnings results on Friday, May 3rd. The textile maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.12. The firm had revenue of $289.70 million for the quarter, compared to the consensus estimate of $284.76 million. Interface had a net margin of 4.73% and a return on equity of 16.94%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Equities analysts predict that Interface, Inc. will post 1.18 EPS for the current year.

Interface Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.01 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.04 annualized dividend and a dividend yield of 0.28%. Interface’s dividend payout ratio is presently 3.96%.

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.