Assenagon Asset Management S.A. Purchases Shares of 3,026 Installed Building Products, Inc. (NYSE:IBP)

Defense World · Oct 24, 2022 04:41

Assenagon Asset Management S.A. purchased a new stake in Installed Building Products, Inc. (NYSE:IBP – Get Rating) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,026 shares of the construction company's stock, valued at approximately $252,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Aurora Investment Counsel raised its holdings in shares of Installed Building Products by 1.6% in the 1st quarter. Aurora Investment Counsel now owns 7,450 shares of the construction company's stock valued at $629,000 after acquiring an additional 115 shares in the last quarter. ACR Alpine Capital Research LLC raised its holdings in shares of Installed Building Products by 2.4% in the 2nd quarter. ACR Alpine Capital Research LLC now owns 6,170 shares of the construction company's stock valued at $513,000 after acquiring an additional 144 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Installed Building Products by 5.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 3,382 shares of the construction company's stock valued at $286,000 after buying an additional 175 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Installed Building Products by 2.6% during the 1st quarter. Bank of Montreal Can now owns 8,295 shares of the construction company's stock valued at $730,000 after buying an additional 209 shares in the last quarter. Finally, Natixis Advisors L.P. raised its holdings in shares of Installed Building Products by 0.6% during the 1st quarter. Natixis Advisors L.P. now owns 44,856 shares of the construction company's stock valued at $3,790,000 after buying an additional 263 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

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Analysts Set New Price Targets

A number of brokerages recently weighed in on IBP. BTIG Research cut Installed Building Products from a "buy" rating to a "neutral" rating in a report on Friday, August 5th. The Goldman Sachs Group decreased their price objective on Installed Building Products from $108.00 to $95.00 and set a "neutral" rating on the stock in a report on Wednesday, October 12th. StockNews.com began coverage on Installed Building Products in a report on Wednesday, October 12th. They set a "buy" rating on the stock. Stephens raised their price objective on Installed Building Products from $100.00 to $110.00 and gave the company an "equal weight" rating in a report on Monday, August 8th. Finally, Loop Capital assumed coverage on Installed Building Products in a research report on Thursday, August 18th. They set a "hold" rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $102.91.

Insider Activity at Installed Building Products

In related news, Director Michael H. Thomas sold 2,491 shares of Installed Building Products stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $101.05, for a total transaction of $251,715.55. Following the sale, the director now directly owns 8,669 shares in the company, valued at $876,002.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 17.90% of the stock is currently owned by corporate insiders.

Installed Building Products Price Performance

Shares of IBP stock opened at $80.68 on Monday. The firm has a market cap of $2.32 billion, a P/E ratio of 15.20 and a beta of 1.75. Installed Building Products, Inc. has a fifty-two week low of $69.44 and a fifty-two week high of $141.43. The business's 50 day moving average price is $88.55 and its 200-day moving average price is $88.65. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.72 and a current ratio of 2.25.

Installed Building Products (NYSE:IBP – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The construction company reported $2.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.52. Installed Building Products had a return on equity of 50.89% and a net margin of 6.85%. The firm had revenue of $676.70 million for the quarter, compared to analyst estimates of $611.12 million. During the same period last year, the company earned $1.59 EPS. The business's quarterly revenue was up 38.6% compared to the same quarter last year. On average, equities research analysts anticipate that Installed Building Products, Inc. will post 8.23 earnings per share for the current year.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a dividend of $0.315 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.26 annualized dividend and a dividend yield of 1.56%. Installed Building Products's dividend payout ratio is presently 23.42%.

Installed Building Products Company Profile

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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. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.