Principal Financial Group Inc. Acquires 16,624 Shares of Interface, Inc. (NASDAQ:TILE)

Principal Financial Group Inc. raised its holdings in shares of Interface, Inc. (NASDAQ:TILE) by 5.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 304,050 shares of the textile maker’s stock after acquiring an additional 16,624 shares during the quarter. Principal Financial Group Inc.’s holdings in Interface were worth $5,768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Private Advisor Group LLC purchased a new position in shares of Interface in the third quarter valued at $790,000. HighTower Advisors LLC purchased a new position in Interface during the 3rd quarter valued at about $1,138,000. Sanctuary Advisors LLC bought a new stake in shares of Interface during the third quarter valued at about $1,661,000. Renaissance Technologies LLC lifted its holdings in shares of Interface by 11.0% in the second quarter. Renaissance Technologies LLC now owns 345,400 shares of the textile maker’s stock worth $5,070,000 after buying an additional 34,200 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Interface by 46.5% in the second quarter. First Eagle Investment Management LLC now owns 176,617 shares of the textile maker’s stock worth $2,593,000 after buying an additional 56,093 shares in the last quarter. Institutional investors own 98.34% of the company’s stock.

Interface Stock Down 0.7 %

Shares of NASDAQ TILE opened at $24.35 on Thursday. The business has a 50-day moving average of $24.53 and a 200-day moving average of $19.80. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.27 and a beta of 2.09. The company has a current ratio of 2.57, a quick ratio of 1.38 and a debt-to-equity ratio of 0.66. Interface, Inc. has a 12 month low of $11.48 and a 12 month high of $27.34.

Interface (NASDAQ:TILE) last issued its quarterly earnings results on Friday, November 1st. The textile maker reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.14. Interface had a net margin of 6.49% and a return on equity of 19.91%. The firm had revenue of $344.30 million for the quarter, compared to analyst estimates of $336.39 million. During the same quarter in the prior year, the firm earned $0.28 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts expect that Interface, Inc. will post 1.37 earnings per share for the current fiscal year.

Interface Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Friday, November 29th. Interface’s dividend payout ratio (DPR) is currently 2.80%.

Insider Transactions at Interface

In other Interface news, VP Stansfield Nigel sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $24.12, for a total value of $482,400.00. Following the completion of the sale, the vice president now owns 144,355 shares of the company’s stock, valued at $3,481,842.60. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David B. Foshee sold 15,175 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $26.27, for a total transaction of $398,647.25. Following the transaction, the vice president now owns 202,398 shares in the company, valued at $5,316,995.46. The trade was a 6.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 83,175 shares of company stock worth $2,119,987. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on TILE shares. Barrington Research upped their target price on shares of Interface from $26.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. StockNews.com cut shares of Interface from a “strong-buy” rating to a “buy” rating in a report on Monday, November 4th.

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.