Installed Building Products (NYSE:IBP – Get Free Report) had its price target cut by equities researchers at Royal Bank Of Canada from $228.00 to $208.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the construction company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 13.73% from the company’s previous close.
Other equities analysts have also issued reports about the company. Zacks Research upgraded Installed Building Products from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Wells Fargo & Company decreased their target price on Installed Building Products from $245.00 to $240.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Melius Research initiated coverage on Installed Building Products in a report on Tuesday. They issued a “hold” rating and a $217.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Installed Building Products in a report on Tuesday, August 18th. Finally, Wall Street Zen lowered shares of Installed Building Products from a “buy” rating to a “hold” rating in a research report on Sunday, September 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $240.17.
Installed Building Products Stock Performance
Installed Building Products (NYSE:IBP – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The construction company reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.36. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The business had revenue of $777.80 million during the quarter, compared to the consensus estimate of $743.33 million. During the same period in the prior year, the firm earned $2.95 EPS. Installed Building Products’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Installed Building Products will post 9.89 earnings per share for the current fiscal year.
Insider Activity at Installed Building Products
In related news, Director Janet Jackson sold 1,086 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total value of $257,447.16. Following the completion of the transaction, the director owned 5,142 shares of the company’s stock, valued at $1,218,962.52. This represents a 17.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 13.80% of the company’s stock.
Institutional Investors Weigh In On Installed Building Products
Several large investors have recently made changes to their positions in IBP. Meeder Asset Management Inc. bought a new position in Installed Building Products during the 1st quarter valued at about $30,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Installed Building Products during the second quarter worth approximately $31,000. Parallel Advisors LLC raised its stake in shares of Installed Building Products by 446.7% in the first quarter. Parallel Advisors LLC now owns 164 shares of the construction company’s stock valued at $44,000 after acquiring an additional 134 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Installed Building Products in the second quarter valued at approximately $52,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Installed Building Products by 29.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 259 shares of the construction company’s stock worth $67,000 after acquiring an additional 59 shares in the last quarter. Institutional investors own 99.61% of the company’s stock.
Installed Building Products Company Profile
Installed Building Products, Inc (NYSE: IBP) is a residential and commercial building-products installation company headquartered in Columbus, Ohio. The company primarily serves homebuilders, contractors and homeowners by providing installation services for products used in new construction, renovation and remodeling projects.
Its core business is insulation installation, including fiberglass, spray foam, cellulose and other insulation products. Installed Building Products also offers installation of complementary building products such as garage doors, gutters, windows, doors, shower enclosures and closet systems, depending on the market.
Founded in 1977, the company has expanded through a network of local operating businesses serving customers across much of the United States.
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