Eagle Asset Management Inc. Makes New $5.75 Million Investment in Installed Building Products Inc (NYSE:IBP)

Eagle Asset Management Inc. purchased a new position in Installed Building Products Inc (NYSE:IBP) in the third quarter, HoldingsChannel reports. The institutional investor purchased 100,339 shares of the construction company’s stock, valued at approximately $5,753,000.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Installed Building Products by 2.1% in the 2nd quarter. BlackRock Inc. now owns 3,398,152 shares of the construction company’s stock worth $201,240,000 after purchasing an additional 69,177 shares in the last quarter. Bamco Inc. NY boosted its stake in shares of Installed Building Products by 9.1% during the second quarter. Bamco Inc. NY now owns 1,636,712 shares of the construction company’s stock valued at $96,926,000 after purchasing an additional 136,712 shares during the period. Northern Trust Corp boosted its stake in shares of Installed Building Products by 1.8% during the second quarter. Northern Trust Corp now owns 295,882 shares of the construction company’s stock valued at $17,521,000 after purchasing an additional 5,259 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Installed Building Products by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 264,054 shares of the construction company’s stock valued at $15,637,000 after purchasing an additional 5,351 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Installed Building Products by 58.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 192,479 shares of the construction company’s stock valued at $11,399,000 after purchasing an additional 71,120 shares during the period. 69.26% of the stock is owned by institutional investors and hedge funds.

In related news, insider William Jeffrey Hire sold 2,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $59.08, for a total value of $118,160.00. Following the completion of the transaction, the insider now directly owns 34,516 shares of the company’s stock, valued at approximately $2,039,205.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vikas Verma sold 10,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $60.00, for a total value of $600,000.00. Following the completion of the transaction, the director now directly owns 151,935 shares of the company’s stock, valued at $9,116,100. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,000 shares of company stock valued at $4,532,760. 25.20% of the stock is owned by corporate insiders.

NYSE IBP opened at $70.23 on Tuesday. The business has a fifty day moving average price of $62.97 and a 200 day moving average price of $56.86. Installed Building Products Inc has a one year low of $30.54 and a one year high of $76.60. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.39 and a current ratio of 2.69. The company has a market cap of $2.09 billion, a P/E ratio of 26.30, a P/E/G ratio of 1.41 and a beta of 1.17.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings data on Friday, November 1st. The construction company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.13. Installed Building Products had a return on equity of 45.94% and a net margin of 4.47%. The firm had revenue of $396.40 million during the quarter, compared to the consensus estimate of $385.46 million. During the same period in the prior year, the company earned $0.72 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. As a group, sell-side analysts predict that Installed Building Products Inc will post 3.07 EPS for the current fiscal year.

A number of analysts have recently issued reports on IBP shares. SunTrust Banks boosted their target price on shares of Installed Building Products to $71.00 and gave the company a “hold” rating in a research note on Monday, November 4th. ValuEngine upgraded Installed Building Products from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Nomura lifted their price objective on Installed Building Products from $61.00 to $65.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Zacks Investment Research upgraded Installed Building Products from a “hold” rating to a “strong-buy” rating and set a $81.00 price objective for the company in a report on Thursday, November 7th. Finally, Stephens lifted their price objective on Installed Building Products from $61.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Installed Building Products presently has an average rating of “Hold” and a consensus target price of $58.18.

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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Institutional Ownership by Quarter for Installed Building Products (NYSE:IBP)

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