Walleye Capital LLC acquired a new stake in Installed Building Products, Inc. (NYSE:IBP – Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,244 shares of the construction company’s stock, valued at approximately $3,777,000. Walleye Capital LLC owned about 0.05% of Installed Building Products at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of IBP. CacheTech Inc. grew its position in shares of Installed Building Products by 1.4% in the first quarter. CacheTech Inc. now owns 12,209 shares of the construction company’s stock valued at $3,237,000 after purchasing an additional 169 shares in the last quarter. Convergence Investment Partners LLC lifted its position in Installed Building Products by 22.7% during the first quarter. Convergence Investment Partners LLC now owns 2,618 shares of the construction company’s stock worth $694,000 after buying an additional 485 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Installed Building Products during the first quarter worth $30,000. Parallel Advisors LLC boosted its stake in Installed Building Products by 446.7% during the first quarter. Parallel Advisors LLC now owns 164 shares of the construction company’s stock worth $44,000 after buying an additional 134 shares during the last quarter. Finally, KBC Group NV grew its holdings in Installed Building Products by 18.5% in the 1st quarter. KBC Group NV now owns 794 shares of the construction company’s stock valued at $211,000 after buying an additional 124 shares in the last quarter. 99.61% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Installed Building Products
In related news, insider Jason R. Niswonger bought 455 shares of the stock in a transaction on Monday, May 11th. The stock was bought at an average price of $214.80 per share, with a total value of $97,734.00. Following the completion of the purchase, the insider directly owned 17,122 shares in the company, valued at $3,677,805.60. This represents a 2.73% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence A. Hilsheimer purchased 475 shares of the company’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $206.22 per share, with a total value of $97,954.50. Following the completion of the transaction, the director owned 28,468 shares of the company’s stock, valued at approximately $5,870,670.96. The trade was a 1.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 5,036 shares of company stock worth $1,042,807. 13.80% of the stock is owned by corporate insiders.
Installed Building Products Price Performance
Installed Building Products (NYSE:IBP – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The construction company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.17). The business had revenue of $660.50 million during the quarter, compared to analyst estimates of $668.92 million. Installed Building Products had a net margin of 8.65% and a return on equity of 42.28%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period last year, the company earned $2.08 EPS. As a group, research analysts anticipate that Installed Building Products, Inc. will post 9.57 earnings per share for the current year.
Installed Building Products Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.7%. Installed Building Products’s dividend payout ratio is presently 16.63%.
Analysts Set New Price Targets
A number of brokerages have issued reports on IBP. The Goldman Sachs Group cut their target price on Installed Building Products from $331.00 to $285.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Wells Fargo & Company dropped 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 report on Friday, May 8th. Truist Financial dropped their price objective on shares of Installed Building Products from $250.00 to $200.00 and set a “hold” rating for the company in a report on Friday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of Installed Building Products from $284.00 to $195.00 and set an “underweight” rating for the company in a research report on Wednesday, May 13th. Finally, Weiss Ratings lowered shares of Installed Building Products from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $247.67.
View Our Latest Research Report on Installed Building Products
About Installed Building Products
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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