Installed Building Products (NYSE:IBP) Trading 12.3% Higher After Earnings Beat

Installed Building Products, Inc. (NYSE:IBP) shot up 12.3% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $268.00 and last traded at $267.2530. 76,513 shares were traded during mid-day trading, a decline of 82% from the average session volume of 428,654 shares. The stock had previously closed at $238.02.

The construction company reported $3.18 EPS for the quarter, topping the consensus estimate of $2.69 by $0.49. The business had revenue of $778.20 million during the quarter, compared to analysts’ expectations of $751.98 million. Installed Building Products had a return on equity of 60.27% and a net margin of 8.45%.The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.85 earnings per share.

Installed Building Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. Installed Building Products’s dividend payout ratio (DPR) is currently 16.46%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on IBP shares. Vertical Research began coverage on shares of Installed Building Products in a research report on Monday, October 20th. They issued a “sell” rating for the company. Danske lowered Installed Building Products from a “buy” rating to a “hold” rating and set a $252.00 price objective on the stock. in a research report on Tuesday, August 12th. Evercore ISI set a $265.00 target price on Installed Building Products in a research report on Thursday. DA Davidson lowered Installed Building Products from a “buy” rating to a “hold” rating and upped their target price for the stock from $225.00 to $252.00 in a research note on Tuesday, August 12th. Finally, Zacks Research upgraded shares of Installed Building Products from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $224.45.

Insider Activity

In other Installed Building Products news, CAO Todd R. Fry sold 500 shares of the firm’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $257.27, for a total value of $128,635.00. Following the sale, the chief accounting officer owned 6,822 shares of the company’s stock, valued at $1,755,095.94. This trade represents a 6.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janet E. Jackson sold 1,469 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $266.00, for a total value of $390,754.00. Following the completion of the sale, the director directly owned 6,873 shares in the company, valued at $1,828,218. The trade was a 17.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 11,655 shares of company stock worth $3,123,578. 16.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IBP. Curio Wealth LLC raised its holdings in Installed Building Products by 16,800.0% in the second quarter. Curio Wealth LLC now owns 169 shares of the construction company’s stock worth $30,000 after purchasing an additional 168 shares in the last quarter. SRH Advisors LLC increased its stake in shares of Installed Building Products by 70.8% in the 2nd quarter. SRH Advisors LLC now owns 205 shares of the construction company’s stock worth $37,000 after acquiring an additional 85 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in Installed Building Products during the 3rd quarter valued at about $42,000. Farther Finance Advisors LLC grew its holdings in Installed Building Products by 31.8% in the third quarter. Farther Finance Advisors LLC now owns 224 shares of the construction company’s stock worth $55,000 after purchasing an additional 54 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in shares of Installed Building Products by 14.0% during the second quarter. Smartleaf Asset Management LLC now owns 439 shares of the construction company’s stock valued at $78,000 after purchasing an additional 54 shares in the last quarter. Institutional investors own 99.61% of the company’s stock.

Installed Building Products Stock Up 2.1%

The company has a quick ratio of 2.31, a current ratio of 2.85 and a debt-to-equity ratio of 1.27. The company’s fifty day moving average price is $256.12 and its 200-day moving average price is $215.48. The stock has a market capitalization of $7.03 billion, a PE ratio of 28.62 and a beta of 1.81.

About Installed Building Products

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.