Pinnacle Wealth Planning Services Inc. Sells 290 Shares of Installed Building Products, Inc. (NYSE:IBP)

Pinnacle Wealth Planning Services Inc. cut its holdings in Installed Building Products, Inc. (NYSE:IBP) by 17.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,403 shares of the construction company’s stock after selling 290 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Installed Building Products were worth $246,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its holdings in shares of Installed Building Products by 69.8% in the 4th quarter. First Trust Advisors LP now owns 485,727 shares of the construction company’s stock valued at $85,124,000 after purchasing an additional 199,657 shares in the last quarter. Norges Bank purchased a new position in Installed Building Products during the fourth quarter valued at approximately $28,509,000. T. Rowe Price Investment Management Inc. increased its holdings in Installed Building Products by 87.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 338,081 shares of the construction company’s stock valued at $59,249,000 after buying an additional 158,173 shares during the period. Raymond James Financial Inc. bought a new position in Installed Building Products in the fourth quarter worth approximately $23,776,000. Finally, FIL Ltd raised its stake in Installed Building Products by 14.0% in the fourth quarter. FIL Ltd now owns 1,039,038 shares of the construction company’s stock worth $182,091,000 after buying an additional 127,215 shares in the last quarter. 99.61% of the stock is currently owned by institutional investors.

Installed Building Products Stock Performance

IBP opened at $162.98 on Wednesday. The company has a market cap of $4.50 billion, a P/E ratio of 18.11 and a beta of 1.85. The company has a quick ratio of 2.50, a current ratio of 2.99 and a debt-to-equity ratio of 1.18. The firm’s 50-day moving average price is $166.01 and its 200-day moving average price is $181.63. Installed Building Products, Inc. has a 52-week low of $150.83 and a 52-week high of $281.04.

Installed Building Products (NYSE:IBP) last issued its quarterly earnings results on Thursday, May 8th. The construction company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.15). Installed Building Products had a net margin of 8.74% and a return on equity of 43.56%. The company had revenue of $684.80 million for the quarter, compared to analyst estimates of $681.34 million. During the same quarter in the previous year, the company posted $2.47 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Installed Building Products, Inc. will post 10.66 EPS for the current fiscal year.

Installed Building Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.37 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.48 dividend on an annualized basis and a yield of 0.91%. Installed Building Products’s dividend payout ratio (DPR) is 16.88%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IBP. DA Davidson cut their price target on Installed Building Products from $260.00 to $225.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Installed Building Products in a research note on Tuesday, April 1st. They set a “hold” rating and a $183.00 price objective for the company. Truist Financial cut their target price on Installed Building Products from $240.00 to $180.00 and set a “hold” rating on the stock in a research note on Monday, March 3rd. Wall Street Zen downgraded shares of Installed Building Products from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Loop Capital decreased their price target on shares of Installed Building Products from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Installed Building Products has an average rating of “Hold” and an average price target of $212.45.

About Installed Building Products

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 United States. It operates through Installation, Distribution, and Manufacturing operation segments.