New York State Common Retirement Fund Reduces Stake in Installed Building Products, Inc. (IBP)

New York State Common Retirement Fund lowered its stake in shares of Installed Building Products, Inc. (NYSE:IBP) by 0.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,800 shares of the construction company’s stock after selling 1 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Installed Building Products worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new position in shares of Installed Building Products during the first quarter valued at about $120,000. State of Alaska Department of Revenue raised its holdings in shares of 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 purchasing an additional 1,755 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Installed Building Products during the first quarter valued at about $224,000. Municipal Employees Retirement System of Michigan raised its holdings in shares of Installed Building Products by 5.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 4,720 shares of the construction company’s stock valued at $250,000 after purchasing an additional 260 shares during the period. Finally, Laurion Capital Management LP acquired a new position in shares of Installed Building Products during the second quarter valued at about $259,000. Hedge funds and other institutional investors own 65.52% of the company’s stock.

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In other Installed Building Products news, COO Jay P. Elliott sold 2,500 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $64.61, for a total transaction of $161,525.00. Following the completion of the sale, the chief operating officer now directly owns 51,312 shares in the company, valued at approximately $3,315,268.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Margot Lebenberg Carter sold 1,717 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $276,913. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,546 shares of company stock valued at $10,371,796. 32.90% of the stock is currently owned by corporate insiders.

IBP has been the topic of several research reports. Zacks Investment Research upgraded shares of Installed Building Products from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub lowered shares of Installed Building Products from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Royal Bank Of Canada upped their price objective on shares of Installed Building Products from $61.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Deutsche Bank AG upped their price objective on shares of Installed Building Products from $58.00 to $62.00 and gave the company a “buy” rating in a report on Monday, August 21st. Finally, KeyCorp reiterated a “hold” rating on shares of Installed Building Products in a report on Tuesday, September 26th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $67.60.

Installed Building Products (NYSE:IBP) last issued its quarterly earnings results on Friday, August 4th. The construction company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. Installed Building Products had a net margin of 4.11% and a return on equity of 25.27%. The company had revenue of $282.20 million during the quarter, compared to analysts’ expectations of $274.63 million. During the same period last year, the company posted $0.34 EPS. Installed Building Products’s revenue was up 33.2% on a year-over-year basis.

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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Institutional Ownership by Quarter for Installed Building Products (NYSE:IBP)

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