Installed Building Products (NYSE:IBP) Stock Price Up 9.4% on Analyst Upgrade

Shares of Installed Building Products, Inc. (NYSE:IBP) traded up 9.4% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $236.00 to $241.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Installed Building Products traded as high as $238.04 and last traded at $237.59. 161,547 shares traded hands during trading, a decline of 45% from the average session volume of 293,768 shares. The stock had previously closed at $217.09.

Several other brokerages also recently commented on IBP. The Goldman Sachs Group increased their price objective on shares of Installed Building Products from $260.00 to $295.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Truist Financial raised their price target on shares of Installed Building Products from $235.00 to $240.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a report on Friday, November 15th. DA Davidson cut their target price on Installed Building Products from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Evercore ISI upped their price target on Installed Building Products from $271.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Installed Building Products presently has a consensus rating of “Hold” and a consensus target price of $253.70.

Institutional Trading of Installed Building Products

Several institutional investors and hedge funds have recently modified their holdings of IBP. Swedbank AB bought a new position in Installed Building Products in the 1st quarter worth approximately $96,248,000. FMR LLC grew its stake in Installed Building Products by 61.5% during the third quarter. FMR LLC now owns 965,551 shares of the construction company’s stock valued at $237,786,000 after acquiring an additional 367,628 shares in the last quarter. Summit Partners Public Asset Management LLC purchased a new stake in Installed Building Products in the 3rd quarter worth $54,499,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Installed Building Products by 1,328.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 197,526 shares of the construction company’s stock valued at $51,107,000 after purchasing an additional 183,696 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Installed Building Products during the 3rd quarter valued at approximately $34,635,000. 99.61% of the stock is currently owned by institutional investors.

Installed Building Products Trading Up 9.4 %

The firm has a market cap of $6.69 billion, a P/E ratio of 26.01 and a beta of 1.95. The stock has a 50 day simple moving average of $230.72 and a 200-day simple moving average of $222.93. The company has a current ratio of 2.99, a quick ratio of 2.50 and a debt-to-equity ratio of 1.18.

Installed Building Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Sunday, December 15th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, December 13th. Installed Building Products’s payout ratio is 15.56%.

About Installed Building Products

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.