Zacks Investment Research upgraded shares of Installed Building Products, Inc. (NYSE:IBP) from a hold rating to a buy rating in a report published on Friday morning. Zacks Investment Research currently has $73.00 price objective on the construction company’s stock.

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. “

A number of other analysts have also weighed in on the stock. Credit Suisse Group initiated coverage on shares of Installed Building Products in a research note on Thursday, June 22nd. They issued an outperform rating and a $61.00 price objective on the stock. Royal Bank Of Canada reiterated a buy rating and issued a $61.00 price objective on shares of Installed Building Products in a research note on Monday, June 19th. BidaskClub upgraded shares of Installed Building Products from a hold rating to a buy rating in a research note on Tuesday, June 13th. Deutsche Bank AG increased their price objective on shares of Installed Building Products from $58.00 to $62.00 and gave the stock a buy rating in a research note on Monday, August 21st. Finally, KeyCorp reiterated a hold rating on shares of Installed Building Products in a research note on Tuesday, September 26th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $65.20.

Installed Building Products (NYSE IBP) opened at 65.90 on Friday. Installed Building Products has a 52 week low of $30.75 and a 52 week high of $67.15. The stock’s 50 day moving average is $59.16 and its 200 day moving average is $54.05. The stock has a market cap of $2.09 billion, a PE ratio of 50.61 and a beta of 0.83.

Installed Building Products (NYSE:IBP) last released its quarterly earnings data on Friday, August 4th. The construction company reported $0.59 earnings per share for the quarter, topping the Zacks’ 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 business’s quarterly revenue was up 33.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 earnings per share. Analysts predict that Installed Building Products will post $2.24 EPS for the current year.

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In related news, insider Todd R. Fry sold 1,000 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $58.00, for a total transaction of $58,000.00. Following the sale, the insider now owns 4,091 shares in the company, valued at $237,278. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Margot Lebenberg Carter sold 1,717 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $59.50, for a total transaction of $102,161.50. Following the sale, the director now owns 4,654 shares in the company, valued at approximately $276,913. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,546 shares of company stock worth $10,371,796. 32.90% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its position in Installed Building Products by 11.7% during the second quarter. Ameritas Investment Partners Inc. now owns 1,894 shares of the construction company’s stock valued at $100,000 after buying an additional 198 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Installed Building Products during the first quarter valued at $120,000. Pinebridge Investments L.P. grew its position in Installed Building Products by 1.3% during the second quarter. Pinebridge Investments L.P. now owns 2,644 shares of the construction company’s stock valued at $140,000 after buying an additional 34 shares during the period. D.A. Davidson & CO. grew its position in Installed Building Products by 12.8% during the second quarter. D.A. Davidson & CO. now owns 3,209 shares of the construction company’s stock valued at $169,000 after buying an additional 364 shares during the period. Finally, State of Alaska Department of Revenue grew its position in Installed Building Products by 79.4% during the second quarter. State of Alaska Department of Revenue now owns 3,965 shares of the construction company’s stock valued at $209,000 after buying an additional 1,755 shares during the period. Institutional investors own 65.60% 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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Analyst Recommendations for Installed Building Products (NYSE:IBP)

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