Principal Financial Group Inc. Lowers Stock Position in Installed Building Products, Inc. $IBP

Key Points

• Principal Financial Group cut its stake in Installed Building Products by 4.3% in the first quarter, holding 128,661 shares worth about $34.1 million after the sale.
• The company reported a weaker-than-expected quarter, with EPS of $1.79 versus the $1.96 estimate and revenue of $660.5 million, while revenue fell 3.5% year over year.
• Despite the softer results, Installed Building Products paid a quarterly dividend of $0.39 per share, and insiders were active buyers, including the COO and CFO purchasing shares in recent months.

Principal Financial Group Inc. trimmed its position in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,661 shares of the construction company's stock after selling 5,801 shares during the period. Principal Financial Group Inc. owned approximately 0.48% of Installed Building Products worth $34,114,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in IBP. Anchor Investment Management LLC grew its position in Installed Building Products by 20.0% during the first quarter. Anchor Investment Management LLC now owns 1,200 shares of the construction company's stock valued at $318,000 after acquiring an additional 200 shares during the period. Fifth Third Bancorp raised its holdings in shares of Installed Building Products by 5,602.2% in the 1st quarter. Fifth Third Bancorp now owns 10,321 shares of the construction company's stock worth $2,737,000 after purchasing an additional 10,140 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Installed Building Products by 782.5% in the 1st quarter. Hsbc Holdings PLC now owns 27,975 shares of the construction company's stock worth $7,364,000 after purchasing an additional 24,805 shares during the period. Personal CFO Solutions LLC lifted its stake in shares of Installed Building Products by 9.6% in the 1st quarter. Personal CFO Solutions LLC now owns 1,232 shares of the construction company's stock valued at $327,000 after purchasing an additional 108 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Installed Building Products by 1.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 5,217 shares of the construction company's stock valued at $1,383,000 after purchasing an additional 65 shares in the last quarter. 99.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Installed Building Products news, COO Brad A. Wheeler bought 716 shares of the stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $209.13 per share, for a total transaction of $149,737.08. Following the completion of the purchase, the chief operating officer directly owned 14,988 shares of the company's stock, valued at approximately $3,134,440.44. The trade was a 5.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Thomas Miller bought 990 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were acquired at an average cost of $200.62 per share, for a total transaction of $198,613.80. Following the completion of the transaction, the chief financial officer owned 34,209 shares of the company's stock, valued at approximately $6,863,009.58. The trade was a 2.98% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 5,036 shares of company stock worth $1,042,807. Corporate insiders own 13.80% of the company's stock.

Installed Building Products Stock Down 2.9%

NYSE IBP opened at $228.61 on Friday. The stock has a market cap of $6.16 billion, a PE ratio of 24.37, a P/E/G ratio of 5.67 and a beta of 1.69. Installed Building Products, Inc. has a fifty-two week low of $182.88 and a fifty-two week high of $349.00. The business has a 50 day moving average price of $215.18 and a two-hundred day moving average price of $266.36. The company has a quick ratio of 2.76, a current ratio of 3.35 and a debt-to-equity ratio of 1.56.

Installed Building Products (NYSE:IBP - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.17). Installed Building Products had a net margin of 8.65% and a return on equity of 42.28%. The firm had revenue of $660.50 million during the quarter, compared to analyst estimates of $668.92 million. During the same period last year, the business earned $2.08 EPS. The firm's revenue was down 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Installed Building Products, Inc. will post 9.57 EPS for the current fiscal year.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.56 annualized dividend and a yield of 0.7%. Installed Building Products's payout ratio is 16.63%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Installed Building Products from a "buy" rating to a "hold" rating in a research report on Sunday, March 29th. Stephens decreased their price objective on shares of Installed Building Products from $300.00 to $240.00 and set an "equal weight" rating for the company in a research note on Friday, May 8th. Zacks Research upgraded shares of Installed Building Products from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Truist Financial dropped their price objective on shares of Installed Building Products from $250.00 to $200.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Finally, Evercore set a $226.00 target price on shares of Installed Building Products in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $247.67.

Installed Building Products Company Profile

Installed Building Products, Inc NYSE: IBP is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.

Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.

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