Principal Financial Group Inc. Purchases 8,135 Shares of Interface, Inc. (NASDAQ:TILE)

Principal Financial Group Inc. boosted its position in Interface, Inc. (NASDAQ:TILE) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 323,731 shares of the textile maker’s stock after purchasing an additional 8,135 shares during the quarter. Principal Financial Group Inc. owned approximately 0.56% of Interface worth $6,423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TILE. Allspring Global Investments Holdings LLC increased its holdings in shares of Interface by 56.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,649 shares of the textile maker’s stock worth $291,000 after purchasing an additional 5,299 shares in the last quarter. Diversified Trust Co raised its stake in Interface by 18.1% during the first quarter. Diversified Trust Co now owns 15,612 shares of the textile maker’s stock valued at $310,000 after purchasing an additional 2,389 shares in the last quarter. North Star Investment Management Corp. lifted its holdings 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 valued at $3,295,000 after acquiring an additional 15,000 shares during the last quarter. SG Americas Securities LLC raised its holdings in Interface by 23.8% during the 1st quarter. SG Americas Securities LLC now owns 16,386 shares of the textile maker’s stock valued at $325,000 after buying an additional 3,150 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Interface in the first quarter valued at $304,000. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TILE shares. Barrington Research restated an “outperform” rating and set a $30.00 price objective on shares of Interface in a report on Friday, May 2nd. Wall Street Zen raised shares of Interface from a “hold” rating to a “buy” rating in a research note on Saturday, May 10th.

Insider Transactions at Interface

In related news, VP James Poppens sold 19,474 shares of the company’s 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 completion of the sale, the vice president directly owned 130,142 shares in the company, valued at $2,621,059.88. This represents a 13.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

Interface Trading Up 1.6%

TILE opened at $21.14 on Thursday. Interface, Inc. has a 52 week low of $14.75 and a 52 week high of $27.34. The company has a market capitalization of $1.24 billion, a P/E ratio of 14.58, a PEG ratio of 0.88 and a beta of 1.97. The stock’s fifty day moving average is $20.74 and its two-hundred day moving average is $20.93. The company has a quick ratio of 1.42, a current ratio of 2.76 and a debt-to-equity ratio of 0.59.

Interface (NASDAQ:TILE) last released its quarterly earnings data on Friday, May 2nd. The textile maker reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.04. The firm had revenue of $297.41 million during the quarter, compared to the consensus estimate of $297.11 million. Interface had a return on equity of 17.73% and a net margin of 6.48%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 earnings per share. Analysts forecast that Interface, Inc. will post 1.37 earnings per share for the current year.

Interface Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.01 per share. The ex-dividend date was Friday, May 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.19%. Interface’s dividend payout ratio is currently 2.76%.

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.