Installed Building Products, Inc. (IBP) Price Target Raised to $62.00
Installed Building Products, Inc. (NYSE:IBP) had its price target upped by Deutsche Bank AG from $58.00 to $62.00 in a research note published on Monday. They currently have a buy rating on the construction company’s stock.
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Installed Building Products from a buy rating to a hold rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded Installed Building Products from a strong sell rating to a hold rating in a research note on Wednesday, July 12th. Royal Bank Of Canada upped their price objective on Installed Building Products from $61.00 to $69.00 and gave the stock an outperform rating in a research note on Monday, August 7th. Credit Suisse Group began coverage on Installed Building Products in a research note on Thursday, June 22nd. They set an outperform rating and a $61.00 price objective on the stock. Finally, Seaport Global Securities upped their price objective on Installed Building Products from $55.00 to $61.00 and gave the stock a buy rating in a research note on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $59.80.
Shares of Installed Building Products (NYSE:IBP) opened at 55.35 on Monday. The stock has a market capitalization of $1.75 billion, a P/E ratio of 42.51 and a beta of 0.81. The firm’s 50-day moving average is $54.52 and its 200 day moving average is $51.02. Installed Building Products has a 1-year low of $30.75 and a 1-year high of $60.00.
Installed Building Products (NYSE:IBP) last announced its quarterly earnings data on Friday, August 4th. The construction company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. Installed Building Products had a return on equity of 25.27% and a net margin of 4.11%. The company had revenue of $282.20 million for the quarter, compared to analysts’ expectations of $274.63 million. During the same quarter in the prior year, the business posted $0.34 EPS. The business’s revenue was up 33.2% compared to the same quarter last year. On average, analysts expect that Installed Building Products will post $2.24 EPS for the current fiscal year.
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In related news, insider Todd R. Fry sold 1,000 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $58.00, for a total value of $58,000.00. Following the sale, the insider now owns 4,091 shares in the company, valued at approximately $237,278. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Thomas Miller sold 1,661 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $60.00, for a total value of $99,660.00. Following the completion of the sale, the vice president now owns 32,086 shares in the company, valued at approximately $1,925,160. The disclosure for this sale can be found here. In the last 90 days, insiders sold 609,463 shares of company stock worth $32,029,588. 32.90% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. boosted its stake in Installed Building Products by 11.7% in the second quarter. Ameritas Investment Partners Inc. now owns 1,894 shares of the construction company’s stock worth $100,000 after buying an additional 198 shares during the period. 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 period. Oppenheimer Asset Management Inc. acquired a new stake in Installed Building Products during the first quarter worth $120,000. 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 period. Finally, D.A. Davidson & CO. boosted its stake in Installed Building Products by 12.8% in the second quarter. D.A. Davidson & CO. now owns 3,209 shares of the construction company’s stock worth $169,000 after buying an additional 364 shares during the period. Institutional investors and hedge funds own 63.56% of the company’s stock.
About Installed Building Products
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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