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State of Tennessee Treasury Department Increases Stock Position in Installed Building Products, Inc. (NYSE:IBP)

Defense World · Sep 3, 2022 05:11

State of Tennessee Treasury Department boosted its stake in Installed Building Products, Inc. (NYSE:IBP – Get Rating) by 17.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,547 shares of the construction company's stock after acquiring an additional 1,295 shares during the period. State of Tennessee Treasury Department's holdings in Installed Building Products were worth $722,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IBP. Covestor Ltd acquired a new position in Installed Building Products in the fourth quarter valued at $38,000. KBC Group NV increased its stake in Installed Building Products by 87.7% in the first quarter. KBC Group NV now owns 884 shares of the construction company's stock valued at $75,000 after purchasing an additional 413 shares during the period. Alphasimplex Group LLC acquired a new position in Installed Building Products in the fourth quarter valued at $208,000. Pictet Asset Management SA acquired a new position in Installed Building Products in the fourth quarter valued at $230,000. Finally, HighTower Advisors LLC acquired a new position in Installed Building Products in the fourth quarter valued at $235,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Installed Building Products

In other Installed Building Products news, Director Michael H. Thomas sold 2,491 shares of the company's stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $101.05, for a total value of $251,715.55. Following the sale, the director now owns 8,669 shares of the company's stock, valued at $876,002.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on IBP. StockNews.com upgraded shares of Installed Building Products from a "hold" rating to a "buy" rating in a research note on Monday, August 8th. Stephens lifted their price objective on shares of Installed Building Products from $100.00 to $110.00 and gave the company an "equal weight" rating in a research note on Monday, August 8th. Royal Bank of Canada lowered shares of Installed Building Products from a "sector perform" rating to an "underperform" rating and dropped their price target for the stock from $91.00 to $71.00 in a research note on Wednesday, June 22nd. Zelman & Associates lowered shares of Installed Building Products from a "buy" rating to a "hold" rating in a research note on Friday, August 5th. Finally, Loop Capital assumed coverage on shares of Installed Building Products in a research note on Thursday, August 18th. They set a "hold" rating and a $110.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $106.83.

Installed Building Products Trading Up 0.6 %

Shares of IBP opened at $89.42 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.72 and a debt-to-equity ratio of 2.08. The firm's 50-day moving average is $94.24 and its two-hundred day moving average is $91.85. Installed Building Products, Inc. has a twelve month low of $69.44 and a twelve month high of $141.43. The firm has a market capitalization of $2.57 billion, a P/E ratio of 16.62 and a beta of 1.79.

Installed Building Products (NYSE:IBP – Get Rating) last issued its earnings results on Thursday, August 4th. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.52. Installed Building Products had a net margin of 6.85% and a return on equity of 50.89%. The company had revenue of $676.70 million for the quarter, compared to analyst estimates of $611.12 million. During the same period in the prior year, the business posted $1.59 earnings per share. The firm's revenue for the quarter was up 38.6% compared to the same quarter last year. On average, research analysts predict that Installed Building Products, Inc. will post 8.05 earnings per share for the current fiscal year.

Installed Building Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a $0.315 dividend. This represents a $1.26 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Wednesday, September 14th. Installed Building Products's dividend payout ratio (DPR) is presently 23.42%.

About Installed Building Products

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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.