ValuEngine upgraded shares of Installed Building Products (NYSE:IBP) from a sell rating to a hold rating in a research note issued to investors on Saturday.
A number of other analysts have also commented on IBP. Jefferies Group initiated coverage on Installed Building Products in a research report on Tuesday, December 12th. They issued a hold rating and a $69.00 target price for the company. Zelman & Associates lowered Installed Building Products from a buy rating to a hold rating in a research report on Friday, January 5th. Credit Suisse Group reaffirmed an outperform rating and issued a $85.00 target price (up 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. Zacks Investment Research raised Installed Building Products from a hold rating to a strong-buy rating and set a $83.00 target price for the company in a research report on Thursday, February 1st. Finally, Stephens set a $71.00 target price on Installed Building Products and gave the company a buy rating in a research report on Thursday, March 1st. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $72.10.
Shares of Installed Building Products (IBP) opened at $63.75 on Friday. Installed Building Products has a 12-month low of $46.65 and a 12-month high of $79.40. The company has a market capitalization of $1,970.67, a PE ratio of 49.04, a P/E/G ratio of 0.97 and a beta of 0.91. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.22 and a quick ratio of 1.92.
Installed Building Products declared that its board has initiated a share repurchase plan on Wednesday, February 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In other Installed Building Products news, COO Jay P. Elliott sold 3,000 shares of Installed Building Products stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $73.50, for a total transaction of $220,500.00. Following the completion of the transaction, the chief operating officer now owns 48,312 shares in the company, valued at approximately $3,550,932. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Michael Nixon sold 20,000 shares of Installed Building Products stock in a transaction dated Wednesday, January 17th. The shares were 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. 32.90% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Installed Building Products by 2.3% during the 4th quarter. BlackRock Inc. now owns 3,035,309 shares of the construction company’s stock valued at $230,533,000 after purchasing an additional 67,141 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Installed Building Products by 5.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 852,519 shares of the construction company’s stock worth $55,243,000 after buying an additional 42,938 shares during the last quarter. State Street Corp boosted its stake in shares of Installed Building Products by 7.2% in the 2nd quarter. State Street Corp now owns 584,897 shares of the construction company’s stock worth $30,963,000 after buying an additional 39,302 shares during the last quarter. Pembroke Management LTD boosted its stake in shares of Installed Building Products by 9.5% in the 4th quarter. Pembroke Management LTD now owns 383,000 shares of the construction company’s stock worth $29,088,000 after buying an additional 33,300 shares during the last quarter. Finally, Bamco Inc. NY purchased a new position in shares of Installed Building Products in the 4th quarter worth approximately $22,785,000. Institutional investors and hedge funds own 68.24% of the company’s stock.
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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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