Installed Building Products (NYSE:IBP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage currently has a $64.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.74% from the company’s current price.
According to Zacks, “Installed Building Products, Inc. operates as a residential insulation installer in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors. It serves homebuilders, multi-family and commercial builders, individual homeowners, and repair and remodeling contractors. Installed Building Products, Inc. is headquartered in Columbus, Ohio. “
IBP has been the topic of a number of other reports. Royal Bank of Canada set a $60.00 price objective on Masonite International and gave the company a “buy” rating in a report on Friday, May 3rd. Deutsche Bank lowered Acquity Group from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Nomura reissued a “neutral” rating and issued a $48.00 price objective (down from $70.00) on shares of Owens Corning in a report on Thursday, May 16th. Finally, ValuEngine raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $47.07.
NYSE:IBP traded down $0.17 during mid-day trading on Tuesday, hitting $56.27. 175,753 shares of the company’s stock traded hands, compared to its average volume of 192,124. The stock has a fifty day moving average of $54.71. Installed Building Products has a twelve month low of $29.24 and a twelve month high of $59.93. The company has a market cap of $1.73 billion, a P/E ratio of 21.07, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 1.91, a current ratio of 2.24 and a debt-to-equity ratio of 2.44.
Installed Building Products (NYSE:IBP) last announced its earnings results on Thursday, May 2nd. The construction company reported $0.51 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. Installed Building Products had a return on equity of 41.94% and a net margin of 4.15%. The company had revenue of $342.14 million for the quarter, compared to analyst estimates of $333.87 million. During the same period in the prior year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts expect that Installed Building Products will post 2.98 earnings per share for the current year.
In other news, COO Jay P. Elliott sold 14,500 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $54.57, for a total value of $791,265.00. Following the sale, the chief operating officer now owns 45,529 shares in the company, valued at $2,484,517.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vikas Verma sold 40,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $57.50, for a total value of $2,300,000.00. Following the completion of the sale, the director now owns 191,935 shares in the company, valued at approximately $11,036,262.50. The disclosure for this sale can be found here. Insiders sold 124,552 shares of company stock worth $6,951,437 over the last three months. Corporate insiders own 25.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. NumerixS Investment Technologies Inc boosted its stake in shares of Installed Building Products by 100.0% in the fourth quarter. NumerixS Investment Technologies Inc now owns 2,400 shares of the construction company’s stock worth $81,000 after buying an additional 1,200 shares during the last quarter. First Quadrant L P CA purchased a new stake in shares of Installed Building Products in the first quarter worth about $94,000. Quantamental Technologies LLC boosted its stake in shares of Installed Building Products by 40.1% in the first quarter. Quantamental Technologies LLC now owns 2,794 shares of the construction company’s stock worth $136,000 after buying an additional 800 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Installed Building Products in the first quarter worth about $151,000. Finally, Budros Ruhlin & Roe Inc. purchased a new stake in shares of Installed Building Products in the first quarter worth about $231,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.
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 continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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