Installed Building Products, Inc. (NYSE:IBP) PT Raised to $69.00 at Royal Bank Of Canada
Installed Building Products, Inc. (NYSE:IBP) had its target price increased by Royal Bank Of Canada from $61.00 to $69.00 in a research report released on Monday, August 7th, MarketBeat Ratings reports. The firm currently has an outperform rating on the construction company’s stock.
Several other research analysts have also issued reports on the stock. Credit Suisse Group initiated coverage on shares of Installed Building Products in a research report on Thursday, June 22nd. They issued an outperform rating and a $61.00 price target on the stock. BidaskClub upgraded shares of Installed Building Products from a hold rating to a buy rating in a research report on Tuesday, June 13th. Zacks Investment Research cut shares of Installed Building Products from a hold rating to a strong sell rating in a research report on Thursday, May 11th. Finally, Seaport Global Securities lifted their price objective on shares of Installed Building Products from $55.00 to $61.00 and gave the stock a buy rating in a research report on Monday, May 8th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $59.25.
Shares of Installed Building Products (IBP) traded down 1.57% during midday trading on Monday, hitting $56.45. The company had a trading volume of 169,179 shares. Installed Building Products has a 12 month low of $30.17 and a 12 month high of $60.00. The company has a 50-day moving average of $54.26 and a 200 day moving average of $50.62. The firm has a market capitalization of $1.79 billion, a PE ratio of 43.36 and a beta of 0.81.
Installed Building Products (NYSE:IBP) last posted its quarterly earnings results on Friday, August 4th. The construction company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.21. The firm had revenue of $282.20 million for the quarter, compared to analyst estimates of $274.63 million. Installed Building Products had a net margin of 4.11% and a return on equity of 25.27%. The firm’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 earnings per share. On average, analysts expect that Installed Building Products will post $2.24 EPS for the current fiscal year.
In other news, COO Jay P. Elliott sold 2,500 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $52.90, for a total transaction of $132,250.00. Following the transaction, the chief operating officer now owns 53,812 shares in the company, valued at approximately $2,846,654.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey W. Edwards sold 600,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $52.50, for a total transaction of $31,500,000.00. Following the transaction, the chief executive officer now owns 504,800 shares in the company, valued at approximately $26,502,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 609,463 shares of company stock valued at $32,029,588. 32.90% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its stake in Installed Building Products by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,664 shares of the construction company’s stock worth $512,000 after buying an additional 25 shares during the last quarter. Pinebridge Investments L.P. boosted its stake in Installed Building Products by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 2,644 shares of the construction company’s stock worth $140,000 after buying an additional 34 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Installed Building Products by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 2,210 shares of the construction company’s stock worth $116,000 after buying an additional 60 shares during the last quarter. Arizona State Retirement System boosted its stake in Installed Building Products by 1.0% in the second quarter. Arizona State Retirement System now owns 10,500 shares of the construction company’s stock worth $556,000 after buying an additional 100 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in Installed Building Products by 6.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,421 shares of the construction company’s stock worth $128,000 after buying an additional 155 shares during the period. 63.56% of the stock is currently owned by institutional investors and hedge funds.
Installed Building Products Company Profile
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Company’s national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement the insulation installation business.
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