Installed Building Products Inc. (IBP) Trading Down 2.6%
Installed Building Products Inc. (NYSE:IBP) fell 2.6% during mid-day trading on Thursday . The stock traded as low as $34.37 and last traded at $34.91, with a volume of 236,331 shares. The stock had previously closed at $35.85.
Several brokerages have recently issued reports on IBP. Zacks Investment Research lowered shares of Installed Building Products from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 11th. Royal Bank Of Canada raised their price target on shares of Installed Building Products from $31.00 to $36.00 and gave the stock an “outperform” rating in a research note on Monday, May 9th. Finally, TheStreet upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Installed Building Products has a consensus rating of “Buy” and a consensus target price of $33.75.
The firm has a market capitalization of $1.08 billion and a price-to-earnings ratio of 34.64. The firm’s 50-day moving average price is $36.08 and its 200-day moving average price is $28.74.
Installed Building Products (NYSE:IBP) last issued its earnings results on Thursday, May 5th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. The firm earned $191.70 million during the quarter, compared to the consensus estimate of $174.02 million. The company’s quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 EPS. Equities research analysts predict that Installed Building Products Inc. will post $1.49 earnings per share for the current fiscal year.
Several hedge funds and institutional investors have recently modified their holdings of IBP. Westfield Capital Management Co. LP increased its position in shares of Installed Building Products by 9.1% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,045,467 shares of the company’s stock valued at $25,959,000 after buying an additional 86,793 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Installed Building Products by 55.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 315,045 shares of the company’s stock valued at $7,822,000 after buying an additional 112,556 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Installed Building Products by 21.9% in the fourth quarter. Principal Financial Group Inc. now owns 702,616 shares of the company’s stock valued at $17,446,000 after buying an additional 126,118 shares in the last quarter.
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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