Instinet assumed coverage on shares of Installed Building Products (NYSE:IBP) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating and a $77.00 price target on the construction company’s stock. Instinet’s price target would indicate a potential upside of 22.03% from the stock’s previous close.
A number of other research analysts have also weighed in on the company. Zelman & Associates lowered Installed Building Products from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Jefferies Group initiated coverage on Installed Building Products in a report on Tuesday, December 12th. They issued a “hold” rating and a $69.00 target price on the stock. Zacks Investment Research upgraded Installed Building Products from a “hold” rating to a “strong-buy” rating and set a $83.00 target price on the stock in a report on Thursday, February 1st. ValuEngine lowered Installed Building Products from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Finally, Royal Bank of Canada set a $71.00 price target on Installed Building Products and gave the stock a “buy” rating in a report on Thursday, March 1st. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $70.70.
Installed Building Products (NYSE IBP) opened at $63.10 on Tuesday. Installed Building Products has a fifty-two week low of $46.65 and a fifty-two week high of $79.40. The company has a quick ratio of 1.92, a current ratio of 2.22 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $2,031.21, a P/E ratio of 48.54, a PEG ratio of 1.00 and a beta of 0.91.
Installed Building Products (NYSE:IBP) last posted its earnings results on Wednesday, February 28th. The construction company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.20). Installed Building Products had a net margin of 3.63% and a return on equity of 19.75%. The company had revenue of $299.87 million during the quarter, compared to the consensus estimate of $302.02 million. During the same quarter in the prior year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. sell-side analysts forecast that Installed Building Products will post 2.13 EPS for the current fiscal year.
Installed Building Products announced that its Board of Directors has approved a share buyback program on Wednesday, February 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, COO Jay P. Elliott sold 3,000 shares of Installed Building Products stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $73.50, for a total transaction of $220,500.00. Following the sale, the chief operating officer now directly owns 48,312 shares in the company, valued at $3,550,932. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J Michael Nixon sold 20,000 shares of Installed Building Products stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $74.50, for a total value of $1,490,000.00. The disclosure for this sale can be found here. Company insiders own 32.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in IBP. The Manufacturers Life Insurance Company increased its position in Installed Building Products by 10.5% in the second quarter. The Manufacturers Life Insurance Company now owns 17,108 shares of the construction company’s stock worth $906,000 after buying an additional 1,619 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Installed Building Products in the third quarter worth $311,000. Crossmark Global Holdings Inc. purchased a new stake in Installed Building Products in the third quarter worth $804,000. State Board of Administration of Florida Retirement System increased its position in Installed Building Products by 55.3% in the third quarter. State Board of Administration of Florida Retirement System now owns 8,500 shares of the construction company’s stock worth $551,000 after buying an additional 3,026 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Installed Building Products by 0.7% in the third quarter. American Century Companies Inc. now owns 116,938 shares of the construction company’s stock worth $7,578,000 after buying an additional 782 shares during the last quarter. 68.24% of the stock is 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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