Installed Building Products (NYSE:IBP) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Installed Building Products (NYSE:IBP) from a hold rating to a buy rating in a research note published on Tuesday morning, Zacks.com reports. The brokerage currently has $64.00 price objective on the construction company’s stock.

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. “

Other analysts also recently issued reports about the company. ValuEngine raised Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. Deutsche Bank downgraded Acquity Group from a buy rating to a hold rating in a research note on Monday, May 6th. Nomura reaffirmed a neutral rating and set a $48.00 price objective (down from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Finally, Royal Bank of Canada set a $60.00 price objective on Masonite International and gave the company a buy rating in a research note on Friday, May 3rd. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $47.07.

Installed Building Products stock opened at $56.27 on Tuesday. Installed Building Products has a fifty-two week low of $29.24 and a fifty-two week high of $59.93. The company has a debt-to-equity ratio of 2.44, a current ratio of 2.24 and a quick ratio of 1.91. The stock has a market cap of $1.69 billion, a P/E ratio of 21.07, a P/E/G ratio of 1.18 and a beta of 1.27. The firm has a 50-day moving average price of $54.74.

Installed Building Products (NYSE:IBP) last posted its earnings results on Thursday, May 2nd. The construction company reported $0.51 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. Installed Building Products had a return on equity of 41.94% and a net margin of 4.15%. The business had revenue of $342.14 million during the quarter, compared to the consensus estimate of $333.87 million. During the same period in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Installed Building Products will post 2.98 earnings per share for the current year.

In related news, VP Michael Thomas Miller sold 27,404 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $57.55, for a total value of $1,577,100.20. Following the sale, the vice president now owns 35,973 shares in the company, valued at approximately $2,070,246.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vikas Verma sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $53.00, for a total value of $1,590,000.00. Following the completion of the sale, the director now owns 231,935 shares in the company, valued at approximately $12,292,555. The disclosure for this sale can be found here. Over the last three months, insiders have sold 124,552 shares of company stock valued at $6,951,437. Company insiders own 25.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Texas Permanent School Fund boosted its holdings in shares of Installed Building Products by 2.7% during the fourth quarter. Texas Permanent School Fund now owns 14,303 shares of the construction company’s stock worth $482,000 after purchasing an additional 382 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in shares of Installed Building Products during the fourth quarter worth $1,854,000. 361 Capital LLC acquired a new stake in shares of Installed Building Products during the first quarter worth $3,099,000. Dimensional Fund Advisors LP boosted its holdings in shares of Installed Building Products by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 905,324 shares of the construction company’s stock worth $30,501,000 after purchasing an additional 6,758 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Installed Building Products by 4.5% during the fourth quarter. Legal & General Group Plc now owns 53,551 shares of the construction company’s stock worth $1,802,000 after purchasing an additional 2,307 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.

Installed Building Products Company Profile

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.

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