Summit Financial Strategies Inc. Raises Stock Position in Installed Building Products, Inc. $IBP

Summit Financial Strategies Inc. raised its position in Installed Building Products, Inc. (NYSE:IBP) by 79.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,189 shares of the construction company’s stock after purchasing an additional 2,293 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Installed Building Products were worth $1,193,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Danske Bank A S acquired a new stake in shares of Installed Building Products during the 3rd quarter worth approximately $25,000. NewEdge Advisors LLC lifted its holdings in Installed Building Products by 5,000.0% in the third quarter. NewEdge Advisors LLC now owns 102 shares of the construction company’s stock valued at $25,000 after acquiring an additional 100 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Installed Building Products in the first quarter valued at approximately $30,000. Keating Financial Advisory Services Inc. purchased a new position in Installed Building Products in the second quarter worth approximately $31,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Installed Building Products by 700.0% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 152 shares of the construction company’s stock worth $37,000 after acquiring an additional 133 shares during the period. Hedge funds and other institutional investors own 99.61% of the company’s stock.

Wall Street Analysts Forecast Growth

IBP has been the subject of several recent analyst reports. DA Davidson raised their target price on Installed Building Products from $242.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Evercore set a $246.00 price target on Installed Building Products in a research note on Friday, August 7th. Zacks Research upgraded Installed Building Products from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Installed Building Products in a research report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Installed Building Products from $284.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $249.30.

Installed Building Products Stock Performance

NYSE IBP opened at $227.88 on Wednesday. The company has a market cap of $6.06 billion, a P/E ratio of 24.53, a P/E/G ratio of 4.47 and a beta of 1.71. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.98 and a quick ratio of 2.41. The stock has a 50-day moving average of $234.21 and a two-hundred day moving average of $249.33. Installed Building Products, Inc. has a 1-year low of $193.11 and a 1-year high of $349.00.

Installed Building Products (NYSE:IBP) last issued its quarterly earnings results on Thursday, August 6th. The construction company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.36. The company had revenue of $777.80 million for the quarter, compared to analyst estimates of $743.33 million. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.95 earnings per share. As a group, analysts anticipate that Installed Building Products, Inc. will post 9.82 EPS for the current year.

Installed Building Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Installed Building Products’s dividend payout ratio is presently 16.79%.

Insider Activity at Installed Building Products

In other Installed Building Products news, CFO Michael Miller purchased 990 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was bought at an average price of $200.62 per share, with a total value of $198,613.80. Following the transaction, the chief financial officer directly owned 34,209 shares of the company’s stock, valued at approximately $6,863,009.58. This represents a 2.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Janet E. Jackson sold 1,086 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $237.06, for a total transaction of $257,447.16. Following the completion of the transaction, the director owned 5,142 shares of the company’s stock, valued at approximately $1,218,962.52. This trade represents a 17.44% decrease in their position. The disclosure for this sale is available in the SEC filing. 13.80% of the stock is owned by corporate insiders.

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.