Principal Financial Group Inc. Increases Stock Position in Installed Building Products, Inc. (NYSE:IBP)

Principal Financial Group Inc. raised its stake in shares of Installed Building Products, Inc. (NYSE:IBP – Get Rating) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,136 shares of the construction company’s stock after acquiring an additional 942 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of Installed Building Products worth $12,595,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Aviva PLC bought a new position in Installed Building Products during the 4th quarter valued at $1,019,000. Premier Fund Managers Ltd lifted its position in shares of Installed Building Products by 4,829.8% in the 4th quarter. Premier Fund Managers Ltd now owns 82,968 shares of the construction company’s stock worth $7,230,000 after buying an additional 81,285 shares during the last quarter. Citigroup Inc. lifted its position in shares of Installed Building Products by 21.9% in the 4th quarter. Citigroup Inc. now owns 27,513 shares of the construction company’s stock worth $2,355,000 after buying an additional 4,952 shares during the last quarter. Raymond James & Associates lifted its position in shares of Installed Building Products by 21.2% in the 4th quarter. Raymond James & Associates now owns 29,510 shares of the construction company’s stock worth $2,526,000 after buying an additional 5,156 shares during the last quarter. Finally, Nordea Investment Management AB bought a new position in shares of Installed Building Products in the 4th quarter worth about $242,000. 77.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Installed Building Products

In other news, CFO Michael Thomas Miller sold 21,918 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $119.28, for a total transaction of $2,614,379.04. Following the completion of the transaction, the chief financial officer now owns 23,772 shares in the company, valued at approximately $2,835,524.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Installed Building Products news, CAO Todd R. Fry sold 500 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $107.32, for a total value of $53,660.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,032 shares in the company, valued at $754,674.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael Thomas Miller sold 21,918 shares of the firm’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $119.28, for a total transaction of $2,614,379.04. Following the completion of the transaction, the chief financial officer now owns 23,772 shares of the company’s stock, valued at $2,835,524.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,023 shares of company stock valued at $13,943,688. Company insiders own 17.30% of the company’s stock.

Wall Street Analyst Weigh In

IBP has been the topic of a number of recent research reports. Loop Capital raised their price target on shares of Installed Building Products from $108.00 to $120.00 in a research report on Friday, May 5th. StockNews.com initiated coverage on shares of Installed Building Products in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Truist Financial raised their price target on shares of Installed Building Products from $125.00 to $140.00 in a research report on Monday, May 8th. BTIG Research initiated coverage on shares of Installed Building Products in a report on Wednesday, May 3rd. They issued a “neutral” rating on the stock. Finally, Stephens increased their price objective on shares of Installed Building Products from $115.00 to $132.00 in a report on Monday, May 8th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Installed Building Products has a consensus rating of “Hold” and a consensus target price of $117.14.

Installed Building Products Stock Down 0.3 %

Installed Building Products stock opened at $107.05 on Friday. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 12.81 and a beta of 1.69. The company has a current ratio of 2.73, a quick ratio of 2.19 and a debt-to-equity ratio of 1.66. The company’s 50-day moving average price is $113.18 and its two-hundred day moving average price is $102.98. Installed Building Products, Inc. has a 52 week low of $69.44 and a 52 week high of $125.87.

Installed Building Products (NYSE:IBP – Get Rating) last released its earnings results on Wednesday, February 22nd. The construction company reported $2.34 EPS for the quarter, beating the consensus estimate of $2.19 by $0.15. The firm had revenue of $686.49 million for the quarter, compared to analysts’ expectations of $682.28 million. Installed Building Products had a net margin of 8.71% and a return on equity of 57.73%. On average, analysts expect that Installed Building Products, Inc. will post 8 EPS for the current fiscal year.

Installed Building Products Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 14th. This represents a $1.32 annualized dividend and a yield of 1.23%. Installed Building Products’s payout ratio is 15.79%.

About Installed Building Products

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Installed Building Products, Inc engages in the business of installing insulation for the residential new construction market. Its products include garage doors, rain gutters, shower doors, closet shelving, and mirrors. The company was founded in 1977 and is headquartered in Columbus, OH.