Installed Building Products (IBP) Rating Lowered to Hold at Zelman & Associates
Installed Building Products (NYSE:IBP) was downgraded by equities research analysts at Zelman & Associates from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
Several other research firms also recently commented on IBP. Credit Suisse Group set a $73.00 target price on Installed Building Products and gave the company an “outperform” rating in a research report on Tuesday, October 17th. Jefferies Group assumed coverage on Installed Building Products in a research report on Tuesday, December 12th. They issued a “hold” rating and a $69.00 target price on the stock. SunTrust Banks reaffirmed a “buy” rating and issued a $65.00 target price on shares of Installed Building Products in a research report on Friday, November 3rd. Zacks Investment Research downgraded Installed Building Products from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Installed Building Products in a research report on Tuesday, September 26th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $67.43.
Installed Building Products (IBP) traded down $2.30 during trading hours on Friday, reaching $75.30. The company’s stock had a trading volume of 98,100 shares, compared to its average volume of 122,267. The company has a quick ratio of 1.93, a current ratio of 2.22 and a debt-to-equity ratio of 1.70. The company has a market capitalization of $2,472.53, a price-to-earnings ratio of 57.48 and a beta of 0.87. Installed Building Products has a 12-month low of $40.00 and a 12-month high of $79.40.
Installed Building Products (NYSE:IBP) last released its quarterly earnings data on Friday, November 3rd. The construction company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.07). The business had revenue of $295.20 million during the quarter, compared to the consensus estimate of $292.51 million. Installed Building Products had a net margin of 3.88% and a return on equity of 23.40%. Installed Building Products’s quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. equities research analysts forecast that Installed Building Products will post 1.46 earnings per share for the current fiscal year.
In other news, CEO Jeffrey W. Edwards sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $74.25, for a total value of $14,850,000.00. Following the transaction, the chief executive officer now owns 504,800 shares of the company’s stock, valued at $37,481,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vikas Verma bought 3,318 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was purchased at an average cost of $59.98 per share, for a total transaction of $199,013.64. Following the transaction, the director now directly owns 230,251 shares of the company’s stock, valued at approximately $13,810,454.98. The disclosure for this purchase can be found here. 32.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. grew its position in Installed Building Products by 3.1% during the second quarter. BlackRock Inc. now owns 2,829,787 shares of the construction company’s stock worth $149,836,000 after buying an additional 84,555 shares in the last quarter. Wasatch Advisors Inc. grew its position in Installed Building Products by 3.9% during the second quarter. Wasatch Advisors Inc. now owns 1,104,994 shares of the construction company’s stock worth $58,509,000 after buying an additional 41,236 shares in the last quarter. Vanguard Group Inc. grew its position in Installed Building Products by 3.7% during the second quarter. Vanguard Group Inc. now owns 1,046,278 shares of the construction company’s stock worth $55,400,000 after buying an additional 37,019 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Installed Building Products by 5.3% during the third quarter. Dimensional Fund Advisors LP now owns 852,519 shares of the construction company’s stock worth $55,243,000 after buying an additional 42,938 shares in the last quarter. Finally, State Street Corp grew its position in Installed Building Products by 7.2% during the second quarter. State Street Corp now owns 584,897 shares of the construction company’s stock worth $30,963,000 after buying an additional 39,302 shares in the last quarter. 65.87% of the stock is currently owned by institutional investors and hedge funds.
About Installed Building Products
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Company’s national platform included over 100 locations accessing customers in 48 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 provides cross-selling opportunities to supplement the insulation installation business.
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