Installed Building Products (NYSE:IBP) Downgraded by Zacks Research to Hold

Installed Building Products (NYSE:IBP) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other research firms have also issued reports on IBP. Truist Financial cut their price target on shares of Installed Building Products from $200.00 to $160.00 and set a “hold” rating on the stock in a report on Thursday, October 8th. The Goldman Sachs Group decreased their price objective on Installed Building Products from $297.00 to $257.00 and set a “buy” rating for the company in a report on Monday. Evercore set a $222.00 price objective on Installed Building Products in a research report on Friday, September 25th. Stifel Nicolaus initiated coverage on Installed Building Products in a research report on Monday, September 14th. They issued a “buy” rating and a $240.00 price objective for the company. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Installed Building Products in a research note on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $234.50.

Installed Building Products Stock Up 1.7%

Shares of Installed Building Products stock opened at $188.68 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.98 and a debt-to-equity ratio of 1.62. The company has a market cap of $5.02 billion, a P/E ratio of 17.63, a PEG ratio of 8.29 and a beta of 1.71. The firm’s 50 day moving average price is $219.21 and its 200-day moving average price is $231.44. Installed Building Products has a 52-week low of $178.54 and a 52-week high of $349.00.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings data on Thursday, August 6th. The construction company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.55 by $0.36. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The firm had revenue of $777.80 million during the quarter, compared to analyst estimates of $743.33 million. During the same quarter in the previous year, the business posted $2.95 EPS. Installed Building Products’s revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts predict that Installed Building Products will post 9.86 EPS for the current fiscal year.

Insider Transactions at Installed Building Products

In other news, Director Janet Jackson sold 1,086 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total transaction of $257,447.16. Following the sale, the director directly owned 5,142 shares of the company’s stock, valued at $1,218,962.52. The trade was a 17.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 13.80% of the company’s stock.

Hedge Funds Weigh In On Installed Building Products

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Installed Building Products during the 2nd quarter worth approximately $1,055,034,000. Reinhart Partners LLC. purchased a new stake in shares of Installed Building Products in the 3rd quarter valued at $87,114,000. Bank of America Corp DE increased its stake in shares of Installed Building Products by 51.8% in the first quarter. Bank of America Corp DE now owns 298,729 shares of the construction company’s stock worth $79,208,000 after acquiring an additional 101,967 shares during the period. Bamco Inc. NY acquired a new stake in shares of Installed Building Products in the second quarter worth $45,580,000. Finally, Paralel Advisors LLC purchased a new position in shares of Installed Building Products during the second quarter worth $37,924,000. Hedge funds and other institutional investors own 99.61% of the company’s stock.

About Installed Building Products

Installed Building Products, Inc (NYSE: IBP) is a residential and commercial building-products installation company headquartered in Columbus, Ohio. The company primarily serves homebuilders, contractors and homeowners by providing installation services for products used in new construction, renovation and remodeling projects.

Its core business is insulation installation, including fiberglass, spray foam, cellulose and other insulation products. Installed Building Products also offers installation of complementary building products such as garage doors, gutters, windows, doors, shower enclosures and closet systems, depending on the market.

Founded in 1977, the company has expanded through a network of local operating businesses serving customers across much of the United States.