ValuEngine upgraded shares of Installed Building Products (NYSE:IBP) from a sell rating to a hold rating in a research note published on Saturday morning.
IBP has been the subject of a number of other reports. Zacks Investment Research raised Installed Building Products from a hold rating to a strong-buy rating and set a $83.00 price target for the company in a research report on Thursday, February 1st. Stephens set a $71.00 price target on Installed Building Products and gave the company a buy rating in a research report on Thursday, March 1st. Zelman & Associates raised Installed Building Products from a hold rating to a buy rating in a research report on Friday, February 16th. Jefferies Group started coverage on Installed Building Products in a research report on Tuesday, December 12th. They set a hold rating and a $69.00 price target for the company. Finally, Royal Bank of Canada set a $71.00 price target on Installed Building Products and gave the company a buy rating in a research report on Thursday, March 1st. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Installed Building Products has a consensus rating of Buy and a consensus price target of $70.88.
Shares of Installed Building Products (NYSE IBP) opened at $61.80 on Friday. The company has a market capitalization of $1,970.00, a P/E ratio of 51.93, a PEG ratio of 0.97 and a beta of 0.91. Installed Building Products has a 52 week low of $46.65 and a 52 week high of $79.40. The company has a quick ratio of 1.92, a current ratio of 2.22 and a debt-to-equity ratio of 1.60.
Installed Building Products declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
In other Installed Building Products news, Director J Michael Nixon sold 20,000 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $74.50, for a total transaction of $1,490,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jay P. Elliott sold 3,000 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $73.50, for a total value of $220,500.00. Following the transaction, the chief operating officer now directly owns 48,312 shares of the company’s stock, valued at $3,550,932. The disclosure for this sale can be found here. 32.90% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in Installed Building Products by 2.3% during the fourth 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 period. Dimensional Fund Advisors LP grew its holdings in Installed Building Products by 5.3% during the third quarter. Dimensional Fund Advisors LP now owns 852,519 shares of the construction company’s stock valued at $55,243,000 after purchasing an additional 42,938 shares during the period. State Street Corp grew its holdings in Installed Building Products by 7.2% during the second quarter. State Street Corp now owns 584,897 shares of the construction company’s stock valued at $30,963,000 after purchasing an additional 39,302 shares during the period. Pembroke Management LTD grew its holdings in Installed Building Products by 9.5% during the fourth quarter. Pembroke Management LTD now owns 383,000 shares of the construction company’s stock valued at $29,088,000 after purchasing an additional 33,300 shares during the period. Finally, Bamco Inc. NY bought a new position in Installed Building Products during the fourth quarter valued at $22,785,000. 68.24% of the stock is owned by institutional investors and hedge funds.
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Installed Building Products Company Profile
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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