Installed Building Products Inc. (IBP) Sees Large Volume Increase
Installed Building Products Inc. (NYSE:IBP) shares saw an uptick in trading volume on Wednesday . 587,621 shares traded hands during mid-day trading, an increase of 137% from the previous session’s volume of 247,659 shares.The stock last traded at $38.29 and had previously closed at $37.81.
Several research firms recently issued reports on IBP. Zacks Investment Research downgraded shares of Installed Building Products from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 11th. Zelman & Associates downgraded shares of Installed Building Products from a “buy” rating to a “hold” rating in a research report on Tuesday, April 5th. Royal Bank Of Canada lifted their price target on shares of Installed Building Products from $31.00 to $36.00 and gave the company an “outperform” rating in a research report on Monday, May 9th. Finally, TheStreet raised shares of Installed Building Products from a “hold” rating to a “buy” rating in a research report on Thursday, May 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $33.75.
The firm’s 50-day moving average is $35.52 and its 200 day moving average is $27.64. The company has a market cap of $1.19 billion and a price-to-earnings ratio of 38.23.
Installed Building Products (NYSE:IBP) last posted its earnings results on Thursday, May 5th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.10. The firm earned $191.70 million during the quarter, compared to the consensus estimate of $174.02 million. During the same period in the prior year, the company posted $0.05 EPS. The firm’s revenue was up 47.6% compared to the same quarter last year. On average, equities analysts anticipate that Installed Building Products Inc. will post $1.49 earnings per share for the current year.
A hedge fund recently raised its stake in Installed Building Products stock. Principal Financial Group Inc. boosted its position in shares of Installed Building Products Inc. (NYSE:IBP) by 21.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 702,616 shares of the company’s stock after buying an additional 126,118 shares during the period. Principal Financial Group Inc. owned approximately 2.25% of Installed Building Products worth $17,446,000 as of its most recent SEC filing.
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. The Company’s national platform consists of over 100 locations accessing customers in approximately 50 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 provide cross-selling opportunities to supplement the insulation installation business.
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