Installed Building Products (IBP) Given a $71.00 Price Target by Royal Bank of Canada Analysts
Royal Bank of Canada set a $71.00 price target on Installed Building Products (NYSE:IBP) in a research report sent to investors on Thursday morning. The brokerage currently has a buy rating on the construction company’s stock.
IBP has been the subject of a number of other research reports. KeyCorp reissued a hold rating on shares of Installed Building Products in a research note on Wednesday, November 1st. Credit Suisse Group reissued an outperform rating and set a $85.00 target price (up previously from $73.00) on shares of Installed Building Products in a research note on Monday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research raised shares of Installed Building Products from a hold rating to a strong-buy rating and set a $83.00 target price for the company in a research note on Thursday, February 1st. SunTrust Banks reissued a buy rating and set a $65.00 target price on shares of Installed Building Products in a research note on Friday, November 3rd. Finally, Stephens set a $71.00 target price on shares of Installed Building Products and gave the company a buy rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Installed Building Products presently has a consensus rating of Buy and an average target price of $70.88.
Shares of Installed Building Products (IBP) opened at $57.85 on Thursday. The stock has a market cap of $1,843.22, a price-to-earnings ratio of 48.61 and a beta of 0.91. Installed Building Products has a 52 week low of $46.65 and a 52 week high of $79.40. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.93 and a current ratio of 2.22.
Installed Building Products announced that its board has initiated a stock repurchase plan on Wednesday, February 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In related news, CEO Jeffrey W. Edwards sold 200,000 shares of Installed Building Products stock in a transaction on Monday, December 4th. The shares were sold at an average price of $74.25, for a total value of $14,850,000.00. Following the completion of the sale, the chief executive officer now owns 504,800 shares of the company’s stock, valued at approximately $37,481,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J Michael Nixon sold 20,000 shares of Installed Building Products stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $74.50, for a total transaction of $1,490,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 273,000 shares of company stock valued at $20,239,000. 32.90% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in IBP. Ameritas Investment Partners Inc. lifted its stake in shares of Installed Building Products by 11.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,894 shares of the construction company’s stock valued at $100,000 after purchasing an additional 198 shares during the last quarter. Crow Point Partners LLC acquired a new stake in shares of Installed Building Products in the 4th quarter valued at $128,000. Ladenburg Thalmann Financial Services Inc. lifted its position in Installed Building Products by 32.9% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,202 shares of the construction company’s stock worth $207,000 after acquiring an additional 793 shares during the last quarter. LPL Financial LLC acquired a new position in Installed Building Products during the 4th quarter worth $219,000. Finally, Morse Asset Management Inc acquired a new position in Installed Building Products during the 4th quarter worth $228,000. 65.23% of the stock is 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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