Nomura began coverage on shares of Installed Building Products (NYSE:IBP) in a research report report published on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $77.00 price objective on the construction company’s stock.
Other equities research analysts also recently issued reports about the company. Royal Bank of Canada set a $71.00 target price on Installed Building Products and gave the stock a buy rating in a report on Thursday, March 1st. Stephens set a $71.00 price target on Installed Building Products and gave the company a buy rating in a report on Thursday, March 1st. Zelman & Associates raised Installed Building Products from a hold rating to a buy rating in a report on Friday, February 16th. Jefferies Group assumed coverage on Installed Building Products in a report on Tuesday, December 12th. They set a hold rating and a $69.00 price target on the stock. Finally, Zacks Investment Research downgraded Installed Building Products from a buy rating to a hold rating in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $70.70.
Shares of Installed Building Products (NYSE:IBP) opened at $63.75 on Tuesday. 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 has a 1-year low of $46.65 and a 1-year high of $79.40. The company has a market capitalization of $1,969.08, a price-to-earnings ratio of 51.93, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.
Installed Building Products announced that its Board of Directors has approved a share repurchase program on Wednesday, February 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, Director J Michael Nixon sold 20,000 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $74.50, for a total transaction of $1,490,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jay P. Elliott sold 3,000 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $73.50, for a total value of $220,500.00. Following the sale, the chief operating officer now owns 48,312 shares of the company’s stock, valued at approximately $3,550,932. The disclosure for this sale can be found here. Corporate insiders own 32.90% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of Installed Building Products by 2.3% during the fourth quarter. BlackRock Inc. now owns 3,035,309 shares of the construction company’s stock worth $230,533,000 after purchasing an additional 67,141 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 worth $55,243,000 after purchasing an additional 42,938 shares in the last quarter. Pembroke Management LTD grew its position in shares of Installed Building Products by 9.5% during the fourth quarter. Pembroke Management LTD now owns 383,000 shares of the construction company’s stock worth $29,088,000 after purchasing an additional 33,300 shares in the last quarter. Bamco Inc. NY purchased a new stake in shares of Installed Building Products during the fourth quarter worth about $22,785,000. Finally, GW&K Investment Management LLC purchased a new stake in shares of Installed Building Products during the fourth quarter worth about $21,124,000. Hedge funds and other institutional investors own 68.24% of the company’s stock.
About Installed Building Products
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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