State of Wyoming acquired a new stake in shares of Installed Building Products, Inc. (NYSE:IBP – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,091 shares of the construction company’s stock, valued at approximately $710,000.
Other hedge funds have also added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in shares of Installed Building Products during the second quarter valued at $397,000. Ausbil Investment Management Ltd raised its position in shares of Installed Building Products by 72.5% in the 2nd quarter. Ausbil Investment Management Ltd now owns 8,026 shares of the construction company’s stock worth $1,798,000 after purchasing an additional 3,372 shares during the last quarter. E. Ohman J or Asset Management AB boosted its stake in Installed Building Products by 27.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 15,711 shares of the construction company’s stock worth $3,611,000 after purchasing an additional 3,365 shares in the last quarter. Handelsbanken Fonder AB grew its position in Installed Building Products by 15.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 8,125 shares of the construction company’s stock valued at $1,867,000 after purchasing an additional 1,080 shares during the last quarter. Finally, Revolve Wealth Partners LLC purchased a new stake in Installed Building Products during the 2nd quarter valued at about $246,000. 99.61% of the stock is owned by institutional investors.
Insider Buying and Selling at Installed Building Products
In other news, CFO Michael Thomas Miller purchased 990 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $200.62 per share, for a total transaction of $198,613.80. Following the purchase, the chief financial officer directly owned 34,209 shares in the company, valued at approximately $6,863,009.58. This represents a 2.98% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 13.80% of the stock is owned by insiders.
Installed Building Products Stock Performance
Installed Building Products (NYSE:IBP – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The construction company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.36. The firm had revenue of $777.80 million during the quarter, compared to analysts’ expectations of $743.33 million. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.95 earnings per share. As a group, analysts anticipate that Installed Building Products, Inc. will post 9.78 EPS for the current year.
Installed Building Products Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.39 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.6%. Installed Building Products’s payout ratio is currently 16.79%.
Wall Street Analyst Weigh In
IBP has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Installed Building Products from $285.00 to $250.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Truist Financial cut their price target on shares of Installed Building Products from $250.00 to $200.00 and set a “hold” rating on the stock in a report on Friday, May 8th. The Goldman Sachs Group reduced their price target on shares of Installed Building Products from $331.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, May 8th. DA Davidson boosted their price objective on shares of Installed Building Products from $242.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Finally, Stephens lowered their price objective on Installed Building Products from $300.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $249.30.
Read Our Latest Stock Report on IBP
Installed Building Products Profile
Installed Building Products, Inc (NYSE: IBP) is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.
Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.
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