News headlines about Installed Building Products (NYSE:IBP) have been trending somewhat positive this week, according to Accern. Accern identifies positive and negative media coverage by monitoring more than twenty million news and blog sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores nearest to one being the most favorable. Installed Building Products earned a daily sentiment score of 0.11 on Accern’s scale. Accern also gave headlines about the construction company an impact score of 47.1874789832897 out of 100, meaning that recent media coverage is somewhat unlikely to have an impact on the company’s share price in the near term.
Here are some of the headlines that may have impacted Accern’s analysis:
- Fast-growing Columbus building supplier acquires $15M North Carolina chain (finance.yahoo.com)
- Installed Building Products (IBP) Announces Acquisition of Custom Overhead Door (streetinsider.com)
- Installed Building Products Announces the Acquisition of Custom Overhead Door, LLC (finance.yahoo.com)
- Installed Building Products (IBP) Stock Rating Lowered by Zacks Investment Research (americanbankingnews.com)
- Nomura Begins Coverage on Installed Building Products (IBP) (americanbankingnews.com)
Several analysts recently weighed in on IBP shares. Zacks Investment Research upgraded Installed Building Products from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Wednesday, March 14th. Royal Bank of Canada set a $71.00 target price on Installed Building Products and gave the company a “buy” rating in a research note on Thursday, March 1st. Stephens set a $71.00 target price on Installed Building Products and gave the company a “buy” rating in a research note on Thursday, March 1st. Zelman & Associates raised Installed Building Products from a “hold” rating to a “buy” rating in a report on Friday, February 16th. Finally, Instinet initiated coverage on Installed Building Products in a report on Tuesday, March 13th. They issued a “buy” rating and a $77.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $70.70.
Installed Building Products (NYSE:IBP) last issued its earnings results on Wednesday, February 28th. The construction company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.20). Installed Building Products had a return on equity of 19.75% and a net margin of 3.63%. The company had revenue of $299.87 million during the quarter, compared to analyst estimates of $302.02 million. During the same period in the previous year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 28.2% on a year-over-year basis. sell-side analysts expect that Installed Building Products will post 2.13 earnings per share for the current year.
Installed Building Products declared that its Board of Directors has initiated a share buyback program on Wednesday, February 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, COO Jay P. Elliott sold 3,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $73.50, for a total value of $220,500.00. Following the completion of the transaction, the chief operating officer now directly owns 48,312 shares of the company’s stock, valued at approximately $3,550,932. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director J Michael Nixon sold 20,000 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $74.50, for a total value of $1,490,000.00. The disclosure for this sale can be found here. Corporate insiders own 32.90% of the company’s stock.
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About Installed Building Products
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Company’s national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement the insulation installation business.
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