Zacks Investment Research Lowers Installed Building Prods (IBP) to Hold

Zacks Investment Research lowered shares of Installed Building Prods (NYSE:IBP) from a buy rating to a hold rating in a report issued on Tuesday.

According to Zacks, “Installed Building Products, Inc. operates as a residential insulation installer in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors. It serves homebuilders, multi-family and commercial builders, individual homeowners, and repair and remodeling contractors. Installed Building Products, Inc. is headquartered in Columbus, Ohio. “

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Several other equities research analysts have also recently weighed in on the company. Zelman & Associates raised Installed Building Prods from a hold rating to a buy rating in a research note on Friday, February 16th. Jefferies Group started coverage on Installed Building Prods in a research note on Tuesday, December 12th. They issued a hold rating and a $69.00 price target on the stock. ValuEngine cut Installed Building Prods from a hold rating to a sell rating in a research note on Thursday, March 1st. Royal Bank of Canada set a $71.00 price target on Installed Building Prods and gave the stock a buy rating in a research note on Thursday, March 1st. Finally, Instinet started coverage on Installed Building Prods in a research note on Tuesday, March 13th. They issued a buy rating and a $77.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $70.70.

IBP stock traded down $1.78 during midday trading on Tuesday, hitting $59.57. The stock had a trading volume of 118,961 shares, compared to its average volume of 268,958. The stock has a market cap of $1,879.86, a price-to-earnings ratio of 49.58, a PEG ratio of 0.91 and a beta of 0.91. Installed Building Prods 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 Prods (NYSE:IBP) last issued its quarterly earnings results on Wednesday, February 28th. The construction company reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.20). The firm had revenue of $299.87 million during the quarter, compared to analysts’ expectations of $302.02 million. Installed Building Prods had a return on equity of 19.75% and a net margin of 3.63%. Installed Building Prods’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 earnings per share. equities research analysts expect that Installed Building Prods will post 2.16 earnings per share for the current fiscal year.

Installed Building Prods announced that its board has approved a stock buyback program on Wednesday, February 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

In other news, Director J Michael Nixon sold 20,000 shares of the company’s 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 filing with the SEC, which can be accessed through this hyperlink. Also, COO Jay P. Elliott sold 3,000 shares of the company’s 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 in the company, valued at $3,550,932. The disclosure for this sale can be found here. Insiders own 32.90% of the company’s stock.

Several large investors have recently made changes to their positions in IBP. Crow Point Partners LLC bought a new position in Installed Building Prods in the fourth quarter valued at about $128,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Installed Building Prods by 32.9% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,202 shares of the construction company’s stock valued at $207,000 after acquiring an additional 793 shares during the period. LPL Financial LLC bought a new position in Installed Building Prods in the fourth quarter valued at about $219,000. Morse Asset Management Inc bought a new position in Installed Building Prods in the fourth quarter valued at about $228,000. Finally, Amalgamated Bank bought a new position in Installed Building Prods in the fourth quarter valued at about $239,000. 68.26% of the stock is currently owned by hedge funds and other institutional investors.

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Installed Building Prods Company Profile

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products in the continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.

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