Installed Building Products (NYSE:IBP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
IBP has been the topic of a number of other research reports. Credit Suisse Group reiterated an “outperform” rating and issued a $85.00 price objective (up previously from $73.00) on shares of Installed Building Products in a research report on Monday, January 22nd. They noted that the move was a valuation call. Royal Bank of Canada set a $71.00 price objective on Installed Building Products and gave the stock a “buy” rating in a research report on Thursday, March 1st. Stephens set a $71.00 price objective on Installed Building Products and gave the stock a “buy” rating in a research report on Thursday, March 1st. ValuEngine cut Installed Building Products from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Finally, Jefferies Group started coverage on Installed Building Products in a research note on Tuesday, December 12th. They issued a “hold” rating and a $69.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $70.88.
Installed Building Products (NYSE:IBP) last issued its quarterly earnings data on Wednesday, February 28th. The construction company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.20). Installed Building Products had a return on equity of 19.75% and a net margin of 3.63%. The business had revenue of $299.87 million during the quarter, compared to analysts’ expectations of $302.02 million. During the same quarter last year, the business posted $0.44 EPS. The company’s quarterly revenue was up 28.2% on a year-over-year basis. analysts expect that Installed Building Products will post 2.13 EPS for the current fiscal year.
Installed Building Products declared that its board has approved a share buyback plan on Wednesday, February 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director J Michael Nixon sold 20,000 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jay P. Elliott sold 3,000 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $73.50, for a total value of $220,500.00. Following the completion of the transaction, the chief operating officer now directly owns 48,312 shares in the company, valued at approximately $3,550,932. The disclosure for this sale can be found here. 32.90% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBP. Bamco Inc. NY bought a new position in shares of Installed Building Products during the fourth quarter valued at about $22,785,000. GW&K Investment Management LLC bought a new position in shares of Installed Building Products during the fourth quarter valued at about $21,124,000. Russell Investments Group Ltd. grew its stake in shares of Installed Building Products by 118.9% during the third quarter. Russell Investments Group Ltd. now owns 257,460 shares of the construction company’s stock valued at $16,684,000 after buying an additional 139,833 shares during the last quarter. Thames Capital Management LLC bought a new position in shares of Installed Building Products during the fourth quarter valued at about $6,969,000. Finally, BlackRock Inc. grew its stake in shares of Installed Building Products by 2.3% during the fourth quarter. BlackRock Inc. now owns 3,035,309 shares of the construction company’s stock valued at $230,533,000 after buying an additional 67,141 shares during the last quarter. 68.24% of the stock is currently owned by institutional investors and hedge funds.
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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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