Principal Financial Group Inc. Has $4.22 Million Stake in Interface, Inc. (NASDAQ:TILE)

Principal Financial Group Inc. trimmed its position in shares of Interface, Inc. (NASDAQ:TILE) by 4.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 287,426 shares of the textile maker’s stock after selling 14,242 shares during the period. Principal Financial Group Inc. owned 0.49% of Interface worth $4,219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Innealta Capital LLC bought a new stake in shares of Interface in the second quarter valued at about $32,000. Panagora Asset Management Inc. raised its stake in Interface by 7.5% during the second quarter. Panagora Asset Management Inc. now owns 291,348 shares of the textile maker’s stock worth $4,277,000 after acquiring an additional 20,243 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Interface by 13.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,825 shares of the textile maker’s stock valued at $218,000 after buying an additional 1,770 shares during the period. Legato Capital Management LLC acquired a new position in shares of Interface in the second quarter valued at approximately $814,000. Finally, Hennessy Advisors Inc. acquired a new stake in Interface during the 2nd quarter valued at approximately $7,430,000. 98.34% of the stock is owned by institutional investors.

Interface Trading Up 1.0 %

Shares of TILE opened at $17.79 on Wednesday. The business has a 50-day moving average of $16.95 and a 200 day moving average of $16.08. Interface, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $19.15. The firm has a market cap of $1.04 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 0.93 and a beta of 1.98. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.45 and a current ratio of 2.76.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Friday, August 2nd. The textile maker reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.12. The firm had revenue of $346.60 million during the quarter, compared to the consensus estimate of $340.21 million. Interface had a return on equity of 18.42% and a net margin of 5.20%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $0.25 EPS. As a group, research analysts forecast that Interface, Inc. will post 1.28 EPS for the current year.

Interface Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.01 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. Interface’s payout ratio is 3.96%.

Insider Buying and Selling

In other Interface news, Director Daniel T. Hendrix sold 3,555 shares of Interface stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $17.53, for a total value of $62,319.15. Following the transaction, the director now directly owns 191,147 shares of the company’s stock, valued at approximately $3,350,806.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Daniel T. Hendrix sold 3,555 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $17.53, for a total transaction of $62,319.15. Following the transaction, the director now directly owns 191,147 shares of the company’s stock, valued at $3,350,806.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stansfield Nigel sold 17,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $16.44, for a total value of $287,700.00. Following the transaction, the vice president now directly owns 164,355 shares in the company, valued at $2,701,996.20. The disclosure for this sale can be found here. Insiders sold 125,858 shares of company stock worth $2,091,604 in the last quarter. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. StockNews.com upgraded Interface from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 6th. Barrington Research reaffirmed an “outperform” rating and set a $22.00 target price on shares of Interface in a research report on Friday, August 2nd.

Interface Profile

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.