UBS Asset Management Americas Inc. cut its stake in Installed Building Products, Inc. (NYSE:IBP) by 55.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 26,025 shares of the construction company’s stock after selling 32,385 shares during the period. UBS Asset Management Americas Inc.’s holdings in Installed Building Products were worth $2,653,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in shares of Installed Building Products in the 4th quarter valued at approximately $41,000. FIL Ltd increased its position in shares of Installed Building Products by 36.0% in the fourth quarter. FIL Ltd now owns 431 shares of the construction company’s stock worth $44,000 after purchasing an additional 114 shares during the period. Strs Ohio bought a new position in shares of Installed Building Products in the third quarter worth $71,000. Veriti Management LLC bought a new position in shares of Installed Building Products in the fourth quarter worth $81,000. Finally, Penserra Capital Management LLC bought a new position in shares of Installed Building Products in the fourth quarter worth $127,000. 70.94% of the stock is owned by institutional investors.
A number of research analysts recently commented on the company. Zacks Investment Research cut Installed Building Products from a “buy” rating to a “hold” rating in a research report on Tuesday, April 13th. JPMorgan Chase & Co. began coverage on Installed Building Products in a research note on Wednesday, February 10th. They issued an “overweight” rating and a $140.00 price objective on the stock. KeyCorp raised their price objective on Installed Building Products from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, March 3rd. BTIG Research raised their price objective on Installed Building Products from $146.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, April 14th. Finally, Jefferies Financial Group raised Installed Building Products from a “hold” rating to a “buy” rating and raised their price objective for the company from $106.00 to $132.00 in a research note on Monday, January 4th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $109.00.
Installed Building Products (NYSE:IBP) last issued its quarterly earnings data on Tuesday, February 23rd. The construction company reported $1.23 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.23. Installed Building Products had a return on equity of 44.72% and a net margin of 5.49%. The company had revenue of $441.47 million during the quarter, compared to the consensus estimate of $442.46 million. As a group, sell-side analysts anticipate that Installed Building Products, Inc. will post 4.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.93%. Installed Building Products’s dividend payout ratio (DPR) is 36.47%.
About Installed Building Products
Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, 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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