Installed Building Products, Inc. (NYSE:IBP) Sees Significant Drop in Short Interest

Installed Building Products, Inc. (NYSE:IBP) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 1,517,168 shares, a decrease of 39.8% from the September 15th total of 2,520,270 shares. Based on an average daily trading volume, of 438,294 shares, the short-interest ratio is currently 3.5 days. Currently, 6.6% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Installed Building Products from a “buy” rating to a “hold” rating in a research report on Sunday, September 27th. Truist Financial decreased their target price on Installed Building Products from $200.00 to $160.00 and set a “hold” rating on the stock in a report on Thursday, October 8th. Royal Bank Of Canada lowered their target price on Installed Building Products from $228.00 to $208.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 7th. DA Davidson lifted their target price on Installed Building Products from $242.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Installed Building Products in a report on Tuesday, August 18th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Installed Building Products has an average rating of “Hold” and an average target price of $230.75.

Installed Building Products Stock Performance

Installed Building Products stock traded down $3.29 during midday trading on Friday, hitting $184.65. The stock had a trading volume of 219,507 shares, compared to its average volume of 401,476. The firm’s fifty day moving average is $216.89 and its two-hundred day moving average is $230.32. The company has a market capitalization of $4.91 billion, a PE ratio of 19.87, a P/E/G ratio of 8.06 and a beta of 1.71. Installed Building Products has a 52-week low of $176.15 and a 52-week high of $349.00. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 1.62.

Installed Building Products (NYSE:IBP) last released its earnings results on Thursday, August 6th. The construction company reported $2.91 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.36. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The company had revenue of $777.80 million for the quarter, compared to analysts’ expectations of $743.33 million. During the same quarter last year, the business earned $2.95 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, research analysts forecast that Installed Building Products will post 9.86 EPS for the current year.

Installed Building Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $0.39 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.8%. Installed Building Products’s dividend payout ratio is 16.79%.

Insider Buying and Selling

In other Installed Building Products news, Director Janet Jackson sold 1,086 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total value of $257,447.16. Following the transaction, the director directly owned 5,142 shares in the company, valued at approximately $1,218,962.52. This trade represents a 17.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 13.80% of the company’s stock.

Institutional Trading of Installed Building Products

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Installed Building Products during the 2nd quarter valued at $1,055,034,000. Reinhart Partners LLC. bought a new position in Installed Building Products in the 3rd quarter worth $87,114,000. Bank of America Corp DE boosted its holdings in Installed Building Products by 51.8% in the 1st quarter. Bank of America Corp DE now owns 298,729 shares of the construction company’s stock worth $79,208,000 after buying an additional 101,967 shares during the period. Bamco Inc. NY bought a new position in Installed Building Products in the 2nd quarter worth $45,580,000. Finally, Paralel Advisors LLC bought a new position in Installed Building Products in the 2nd quarter worth $37,924,000. 99.61% of the stock is currently owned by institutional investors.

About Installed Building Products

Installed Building Products, Inc (NYSE: IBP) is a residential and commercial building-products installation company headquartered in Columbus, Ohio. The company primarily serves homebuilders, contractors and homeowners by providing installation services for products used in new construction, renovation and remodeling projects.

Its core business is insulation installation, including fiberglass, spray foam, cellulose and other insulation products. Installed Building Products also offers installation of complementary building products such as garage doors, gutters, windows, doors, shower enclosures and closet systems, depending on the market.

Founded in 1977, the company has expanded through a network of local operating businesses serving customers across much of the United States.