Installed Building Products, Inc. $IBP Stake Increased by Joseph Group Capital Management

Joseph Group Capital Management raised its position in shares of Installed Building Products, Inc. (NYSE:IBP) by 15.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 21,532 shares of the construction company’s stock after purchasing an additional 2,892 shares during the quarter. Joseph Group Capital Management owned approximately 0.08% of Installed Building Products worth $4,131,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IBP. Plancorp LLC acquired a new stake in shares of Installed Building Products during the third quarter worth $202,000. Kestra Advisory Services LLC bought a new position in Installed Building Products during the third quarter worth $291,000. Commonwealth Equity Services LLC lifted its holdings in Installed Building Products by 1.5% in the third quarter. Commonwealth Equity Services LLC now owns 3,192 shares of the construction company’s stock valued at $613,000 after buying an additional 47 shares during the period. Covestor Ltd lifted its holdings in Installed Building Products by 47.6% in the third quarter. Covestor Ltd now owns 186 shares of the construction company’s stock valued at $36,000 after buying an additional 60 shares during the period. Finally, Ascent Group LLC boosted its position in Installed Building Products by 0.9% during the third quarter. Ascent Group LLC now owns 30,020 shares of the construction company’s stock valued at $5,760,000 after acquiring an additional 255 shares during the last quarter. Institutional investors own 99.61% of the company’s stock.

Analysts Set New Price Targets

IBP has been the subject of a number of recent analyst reports. Zacks Research downgraded Installed Building Products from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. DA Davidson dropped their price objective on Installed Building Products from $250.00 to $244.00 and set a “neutral” rating on the stock in a research note on Monday. Stifel Nicolaus downgraded Installed Building Products from a “buy” rating to a “hold” rating and boosted their price objective for the company from $220.00 to $225.00 in a research note on Monday. Wells Fargo & Company cut their target price on Installed Building Products from $240.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Friday, October 16th. Finally, Truist Financial raised their target price on Installed Building Products from $160.00 to $180.00 and gave the stock a “hold” rating in a research note on Friday. One research analyst has rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $229.83.

Insider Activity at Installed Building Products

In related news, Director Janet Jackson sold 1,086 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $237.06, for a total value of $257,447.16. Following the completion of the sale, the director directly owned 5,142 shares of the company’s stock, valued at $1,218,962.52. The trade was a 17.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 13.80% of the stock is currently owned by corporate insiders.

Installed Building Products Stock Up 1.4%

Shares of NYSE IBP opened at $223.23 on Tuesday. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 1.62. The firm has a market cap of $5.93 billion, a PE ratio of 22.38, a P/E/G ratio of 9.36 and a beta of 1.65. The company’s fifty day simple moving average is $204.11 and its 200 day simple moving average is $244.97. Installed Building Products, Inc. has a 12-month low of $176.15 and a 12-month high of $349.00.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings results on Thursday, November 5th. The construction company reported $2.76 earnings per share for the quarter, missing the consensus estimate of $2.83 by ($0.07). Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The company had revenue of $808.40 million during the quarter, compared to the consensus estimate of $787.70 million. During the same period last year, the firm posted $3.18 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Installed Building Products, Inc. will post 9.75 earnings per share for the current fiscal year.

Installed Building Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.39 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.7%. Installed Building Products’s dividend payout ratio (DPR) is currently 17.75%.

About Installed Building Products

Installed Building Products, Inc is a U.S. building-products installation company headquartered in Columbus, Ohio. Founded in 1977, the company serves residential builders, commercial contractors, and homeowners through a network of local operating businesses across the United States.

The company’s core business is installing insulation in new construction and existing buildings. Its offerings include fiberglass, cellulose, and spray-foam insulation, along with related weatherization services.

Installed Building Products also installs complementary products such as garage doors, rain gutters, shower doors, and closet shelving.