Essex Investment Management Co. LLC boosted its position in shares of Installed Building Products Inc. (NYSE:IBP) by 75.2% during the second quarter, Holdings Channel reports. The institutional investor owned 58,278 shares of the company’s stock after buying an additional 25,021 shares during the period. Essex Investment Management Co. LLC’s holdings in Installed Building Products were worth $2,115,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System purchased a new stake in Installed Building Products during the second quarter worth $269,000. Capstone Asset Management Co. raised its stake in Installed Building Products by 27.1% in the second quarter. Capstone Asset Management Co. now owns 12,530 shares of the company’s stock worth $455,000 after buying an additional 2,670 shares in the last quarter. Creative Planning raised its stake in Installed Building Products by 2,432.6% in the second quarter. Creative Planning now owns 4,432 shares of the company’s stock worth $161,000 after buying an additional 4,257 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Installed Building Products by 102.0% in the second quarter. BNP Paribas Arbitrage SA now owns 5,398 shares of the company’s stock worth $196,000 after buying an additional 2,726 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Installed Building Products by 3.7% in the first quarter. Arizona State Retirement System now owns 8,500 shares of the company’s stock worth $226,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 62.11% of the company’s stock.
Installed Building Products Inc. (NYSE:IBP) traded down 2.38% during trading on Thursday, hitting $35.69. 99,934 shares of the company were exchanged. The firm’s 50 day moving average price is $33.68 and its 200-day moving average price is $32.17. Installed Building Products Inc. has a 1-year low of $17.60 and a 1-year high of $38.97. The stock has a market capitalization of $1.12 billion, a PE ratio of 32.45 and a beta of 0.54.
Installed Building Products (NYSE:IBP) last issued its quarterly earnings data on Friday, August 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.03. The business had revenue of $211.90 million for the quarter, compared to analyst estimates of $212.87 million. Installed Building Products had a return on equity of 29.31% and a net margin of 4.45%. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.23 earnings per share. Equities analysts predict that Installed Building Products Inc. will post $1.43 EPS for the current year.
A number of analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Installed Building Products from a “sell” rating to a “hold” rating in a report on Thursday, August 18th. Deutsche Bank AG raised their price target on shares of Installed Building Products from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $34.25.
About Installed Building Products
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. The Company’s national platform consists of over 100 locations accessing customers in approximately 50 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 provide cross-selling opportunities to supplement the insulation installation business.
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