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Wedge Capital Management L L P NC Buys 34,164 Shares of Installed Building Products, Inc. (NYSE:IBP)

Defense World · Sep 20, 2022 06:32

Wedge Capital Management L L P NC raised its holdings in Installed Building Products, Inc. (NYSE:IBP – Get Rating) by 51.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100,651 shares of the construction company's stock after buying an additional 34,164 shares during the quarter. Wedge Capital Management L L P NC owned about 0.34% of Installed Building Products worth $8,370,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Installed Building Products by 13.2% in the 1st quarter. Vanguard Group Inc. now owns 2,836,175 shares of the construction company's stock worth $239,629,000 after buying an additional 329,661 shares during the last quarter. Findlay Park Partners LLP grew its position in shares of Installed Building Products by 7.8% in the 1st quarter. Findlay Park Partners LLP now owns 2,005,720 shares of the construction company's stock worth $169,463,000 after buying an additional 144,594 shares during the last quarter. Invesco Ltd. grew its position in shares of Installed Building Products by 0.3% in the 1st quarter. Invesco Ltd. now owns 1,406,928 shares of the construction company's stock worth $118,871,000 after buying an additional 4,335 shares during the last quarter. State Street Corp grew its position in shares of Installed Building Products by 0.3% in the 1st quarter. State Street Corp now owns 878,995 shares of the construction company's stock worth $74,266,000 after buying an additional 2,594 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Installed Building Products by 33.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 484,740 shares of the construction company's stock worth $67,728,000 after buying an additional 121,055 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

IBP has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price objective on Installed Building Products from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, June 23rd. Loop Capital began 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. BTIG Research lowered Installed Building Products from a "buy" rating to a "neutral" rating in a research report on Friday, August 5th. Deutsche Bank Aktiengesellschaft began coverage on Installed Building Products in a research report on Wednesday, August 17th. They set a "hold" rating and a $108.00 price target on the stock. Finally, Zelman & Associates lowered Installed Building Products from a "buy" rating to a "hold" rating in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $106.83.

Installed Building Products Stock Performance

NYSE:IBP opened at $86.22 on Tuesday. The stock has a 50-day simple moving average of $94.92 and a two-hundred day simple moving average of $90.47. Installed Building Products, Inc. has a 52-week low of $69.44 and a 52-week high of $141.43. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.72 and a current ratio of 2.25. The firm has a market capitalization of $2.48 billion, a PE ratio of 16.03 and a beta of 1.80.

Installed Building Products (NYSE:IBP – Get Rating) last released 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. The firm had revenue of $676.70 million during the quarter, compared to analyst estimates of $611.12 million. Installed Building Products had a return on equity of 50.89% and a net margin of 6.85%. The business's quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.59 earnings per share. Analysts forecast that Installed Building Products, Inc. will post 8.26 EPS for the current year.

Installed Building Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Wednesday, September 14th. Installed Building Products's dividend payout ratio (DPR) is 23.42%.

Insider Transactions at Installed Building Products

In other news, Director Michael H. Thomas sold 2,491 shares of the company's stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $101.05, for a total value of $251,715.55. Following the completion of the transaction, the director now owns 8,669 shares of the company's stock, valued at $876,002.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.90% of the company's stock.

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.