Installed Building Products (NYSE:IBP) Shares Climb 6.2% on Analyst Upgrade

Installed Building Products, Inc. (NYSE:IBP) shares traded up 6.2% during mid-day trading on Thursday after StoneX upgraded the stock from a hold rating to a buy rating. StoneX now has a $275.00 price target on the stock. Installed Building Products traded as high as $223.28 and last traded at $222.5850. 269,611 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 403,180 shares. The stock had previously closed at $209.54.

A number of other analysts have also commented on the company. Truist Financial boosted their target price on Installed Building Products from $160.00 to $180.00 and gave the company a “hold” rating in a research report on Friday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Installed Building Products in a report on Tuesday, August 18th. Evercore set a $222.00 price target on Installed Building Products in a report on Friday, September 25th. Zacks Research cut Installed Building Products from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Finally, Wall Street Zen downgraded Installed Building Products from a “buy” rating to a “hold” rating in a report on Sunday, September 27th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Installed Building Products currently has a consensus rating of “Hold” and a consensus target price of $233.31.

Insider Buying and Selling at Installed Building Products

In other Installed Building Products news, Director Janet Jackson sold 1,086 shares of Installed Building Products stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total transaction of $257,447.16. Following the transaction, the director owned 5,142 shares of the company’s stock, valued at $1,218,962.52. This trade represents a 17.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 13.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Installed Building Products

Several large investors have recently modified their holdings of IBP. Meeder Asset Management Inc. purchased a new position in Installed Building Products during the 1st quarter valued at about $30,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Installed Building Products in the second quarter worth about $31,000. Parallel Advisors LLC lifted its holdings in shares of Installed Building Products by 446.7% in the first quarter. Parallel Advisors LLC now owns 164 shares of the construction company’s stock worth $44,000 after buying an additional 134 shares in the last quarter. Covestor Ltd boosted its position in shares of Installed Building Products by 47.6% in the third quarter. Covestor Ltd now owns 186 shares of the construction company’s stock valued at $36,000 after acquiring an additional 60 shares during the period. Finally, USA Financial Formulas bought a new position in shares of Installed Building Products in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 99.61% of the company’s stock.

Installed Building Products Price Performance

The business’s 50-day moving average price is $203.03 and its 200 day moving average price is $244.07. The company has a market capitalization of $5.89 billion, a P/E ratio of 25.26, a price-to-earnings-growth ratio of 10.55 and a beta of 1.65. The company has a quick ratio of 2.54, a current ratio of 3.12 and a debt-to-equity ratio of 1.47.

Installed Building Products (NYSE:IBP) last posted its earnings results on Thursday, November 5th. The construction company reported $2.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.83 by ($0.07). Installed Building Products had a return on equity of 39.86% and a net margin of 7.87%. The firm had revenue of $808.40 million for the quarter, compared to the consensus estimate of $787.70 million. During the same period last year, the company posted $3.18 EPS. The business’s revenue was up 3.9% on a year-over-year basis. Analysts anticipate that Installed Building Products, Inc. will post 9.54 EPS for the current fiscal year.

Installed Building Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Installed Building Products’s dividend payout ratio is currently 17.75%.

About Installed Building Products

Installed Building Products, Inc. is a U.S. building-products installation company headquartered in Columbus, Ohio. Founded in 1977, the company serves residential builders, commercial contractors, and homeowners through a network of local operating businesses across the United States. The company’s core business is installing insulation in new construction and existing buildings. Its offerings include fiberglass, cellulose, and spray-foam insulation, along with related weatherization services. Installed Building Products also installs complementary products such as garage doors, rain gutters, shower doors, and closet shelving.